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 type of business organization is owned by only one owner?

Limited liability company (LLC)

Sole proprietorship

Corporation

Partnership

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Verified step by step guidance

Understand the question: The problem is asking about the type of business organization that is owned by only one owner.

Review the options provided: Limited liability company (LLC), Sole proprietorship, Corporation, and Partnership.

Clarify the concept of sole proprietorship: A sole proprietorship is a type of business organization that is owned and operated by a single individual. It is the simplest form of business structure and does not require formal registration.

Compare the other options: LLCs, Corporations, and Partnerships typically involve multiple owners or shareholders, or have more complex ownership structures.

Conclude that the correct answer is Sole proprietorship, as it is the only business organization listed that is owned by one individual.