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

Types of Accounting

Financial Accounting

1. Introduction to Accounting

Types of Accounting

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Multiple Choice

In a general partnership, each partner is personally liable for:

Debts and obligations up to the amount of their capital contribution

No debts or obligations of the partnership

All debts and obligations of the partnership, regardless of which partner incurred them

Only the debts and obligations they personally incur

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Verified step by step guidance

Understand the concept of a general partnership: In a general partnership, all partners share equal responsibility for the business's operations, profits, and liabilities unless otherwise agreed upon.

Clarify the liability structure: In a general partnership, each partner is personally liable for all debts and obligations of the partnership, regardless of which partner incurred them. This is a key characteristic of general partnerships.

Compare the options provided: Analyze each option to determine which aligns with the legal framework of general partnerships. For example, the option stating 'Debts and obligations up to the amount of their capital contribution' is incorrect because liability is not limited to capital contribution.

Focus on the correct answer: The correct answer is 'All debts and obligations of the partnership, regardless of which partner incurred them,' as this reflects the unlimited liability principle in general partnerships.

Summarize the reasoning: Partners in a general partnership have joint and several liability, meaning creditors can pursue any partner for the full amount of the partnership's debts and obligations, regardless of individual contributions or actions.