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 primarily concerned with the welfare of society?

Partnership

Sole proprietorship

Corporation

Non-profit organization

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Verified step by step guidance

Understand the concept of business organizations: Business organizations are entities formed for the purpose of conducting commercial activities. They can be categorized into for-profit and non-profit organizations.

Define a non-profit organization: A non-profit organization is primarily concerned with the welfare of society. It operates to serve a social, educational, charitable, or religious purpose rather than to generate profit for its owners or shareholders.

Compare the given options: Partnership, sole proprietorship, and corporation are typically for-profit organizations focused on generating income for their owners or shareholders. Non-profit organizations, on the other hand, prioritize societal welfare over profit.

Identify the correct answer: Based on the definition and purpose, the type of business organization primarily concerned with the welfare of society is a non-profit organization.

Conclude the reasoning: Non-profit organizations are structured to reinvest any surplus funds into their mission or cause, ensuring their focus remains on societal welfare rather than financial gain.