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

When entering into a new partnership, a good strategy is to:

Let one partner handle all accounting matters without oversight.

Avoid discussing profit-sharing arrangements until after the business is established.

Draft a formal partnership agreement outlining each partner's rights and responsibilities.

Rely solely on verbal agreements to save time and legal costs.

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Verified step by step guidance

Understand the importance of a partnership agreement: A formal partnership agreement is a legal document that outlines the rights, responsibilities, and obligations of each partner in the business. It helps prevent misunderstandings and disputes.

Identify key elements to include in the partnership agreement: These elements typically include profit-sharing arrangements, decision-making processes, capital contributions, dispute resolution mechanisms, and procedures for adding or removing partners.

Discuss profit-sharing arrangements upfront: It is crucial to agree on how profits and losses will be shared among partners before the business is established to ensure fairness and transparency.

Ensure oversight in accounting matters: While one partner may handle accounting, it is important to have checks and balances in place to maintain accuracy and accountability.

Avoid relying solely on verbal agreements: Verbal agreements can lead to misunderstandings and are difficult to enforce legally. A written partnership agreement provides clarity and legal protection for all parties involved.