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

In the context of real estate, what does 'ownership in severalty' mean?

Ownership that is divided among heirs through inheritance

Ownership shared equally by two or more individuals

Ownership by a corporation and its shareholders

Ownership by a single individual or entity

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Verified step by step guidance

Understand the term 'ownership in severalty': It refers to ownership by a single individual or entity, where the owner has exclusive rights and control over the property.

Clarify the distinction: 'Severalty' does not mean 'several owners'; instead, it emphasizes sole ownership, derived from the word 'sever,' meaning to separate or divide.

Compare with other ownership types: Ownership shared equally by two or more individuals is typically referred to as 'joint tenancy' or 'tenancy in common,' which contrasts with ownership in severalty.

Consider the implications: Ownership in severalty allows the individual or entity to make decisions about the property without needing consent from others, unlike shared ownership structures.

Relate to real estate context: In real estate, ownership in severalty is common for individuals or corporations who want full control over a property without shared responsibilities or rights.