Table of contents

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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

A corporation is created by obtaining a charter from:

the Internal Revenue Service (IRS)

the federal government

the state government

the Securities and Exchange Commission (SEC)

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Understand the concept of a corporation: A corporation is a legal entity that is separate from its owners and is created under the laws of a specific jurisdiction.

Learn about the process of incorporation: To form a corporation, the founders must file articles of incorporation or a similar document with the appropriate government authority.

Identify the authority responsible for granting a charter: In the United States, corporations are typically chartered by state governments, not federal entities like the IRS or SEC.

Clarify the role of the state government: The state government reviews the application for incorporation and issues a charter, which legally recognizes the corporation's existence.

Understand the significance of the charter: The charter outlines the corporation's purpose, structure, and governance, and serves as the foundation for its legal operations.