Table of contents

1. Introduction to Accounting1h 21m
2. Transaction Analysis1h 13m
3. Accrual Accounting Concepts2h 38m
4. Merchandising Operations2h 30m
5. Inventory1h 55m
6. Internal Controls and Reporting Cash1h 16m
7. Receivables and Investments3h 8m
8. Long Lived Assets5h 1m
9. Current Liabilities2h 19m
10. Time Value of Money1h 23m
- Time Value of Money Equations
  35m
- Using Time Value of Money Tables
  47m
11. Long Term Liabilities2h 45m
12. Stockholders' Equity2h 15m
13. Statement of Cash Flows2h 24m
14. Financial Statement Analysis5h 25m
15. GAAP vs IFRS56m

1. Introduction to Accounting

Business Organization

Financial Accounting

1. Introduction to Accounting

Business Organization

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Multiple Choice

Which of the following statements is true regarding the process of forming a corporation?

A corporation can be formed without any legal documentation.

Articles of incorporation must be filed with the appropriate state authority.

A corporation does not need to issue stock to its owners.

Shareholders are personally liable for the corporation's debts.

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Verified step by step guidance

Understand the concept of forming a corporation: A corporation is a legal entity that is separate from its owners, and its formation requires specific legal procedures.

Learn about the Articles of Incorporation: These are formal documents that must be filed with the appropriate state authority to legally establish a corporation. They typically include details such as the corporation's name, purpose, and information about its shares and directors.

Clarify the role of stock issuance: Corporations generally issue stock to represent ownership. This is a key feature of corporations, as stockholders own shares in the company.

Understand shareholder liability: In a corporation, shareholders are not personally liable for the corporation's debts. This is one of the main advantages of forming a corporation, as it provides limited liability protection to its owners.

Evaluate the statements provided in the problem: Based on the above concepts, identify which statement aligns with the legal requirements and characteristics of forming a corporation. The correct answer is that Articles of Incorporation must be filed with the appropriate state authority.