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 characterized by both single taxation and limited liability for all its owners?

Limited Liability Company (LLC)

General Partnership

Corporation (C Corporation)

Sole Proprietorship

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Understand the key characteristics of each type of business organization mentioned in the problem.

Limited Liability Company (LLC): This type of organization provides limited liability protection to its owners, meaning their personal assets are protected from business debts. Additionally, LLCs are subject to single taxation, where profits are passed through to the owners and taxed at their individual income tax rates.

General Partnership: In this structure, owners share unlimited liability for business debts, and profits are subject to single taxation. However, it does not provide limited liability protection for its owners.

Corporation (C Corporation): This type of organization provides limited liability protection to its owners, but it is subject to double taxation. Profits are taxed at the corporate level and again at the individual level when distributed as dividends.

Sole Proprietorship: This structure is characterized by single taxation, but the owner has unlimited liability for business debts. It does not provide limited liability protection.