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

Previous problemNext problem

Struggling with Financial Accounting?

Join thousands of students who trust us to help them ace their exams!Watch the first video

Multiple Choice

Which of the following is the most popular form of business organization in the United States?

Partnership

Corporation

Limited liability company (LLC)

Sole proprietorship

Previous problemNext problem

Verified step by step guidance

Understand the different types of business organizations: Partnership, Corporation, Limited Liability Company (LLC), and Sole Proprietorship. Each has unique characteristics and advantages.

A Partnership involves two or more individuals sharing ownership, responsibilities, and profits. It is less common than sole proprietorships due to shared decision-making and liability.

A Corporation is a separate legal entity owned by shareholders. It offers limited liability protection but is more complex to establish and maintain, making it less popular among small businesses.

A Limited Liability Company (LLC) combines features of partnerships and corporations, offering limited liability protection and flexibility. While growing in popularity, it is not the most common form of business organization.

A Sole Proprietorship is the simplest and most popular form of business organization in the United States. It is owned and operated by one individual, offering ease of setup and control, which makes it the correct answer to the question.