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 of the following is a key characteristic of a partnership?

Liability of owners is always limited to their investment.

Shares of ownership are traded on public stock exchanges.

The business is taxed as a separate legal entity from its owners.

Ownership is shared by two or more individuals who co-manage the business.

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Verified step by step guidance

Understand the concept of a partnership: A partnership is a type of business structure where two or more individuals share ownership and responsibilities for managing the business.

Clarify the liability aspect: Unlike corporations, partnerships typically do not offer limited liability to their owners. Partners are personally liable for the debts and obligations of the business.

Examine the trading of ownership: Shares of ownership in a partnership are not publicly traded on stock exchanges, which is a characteristic of corporations, not partnerships.

Analyze taxation: Partnerships are not taxed as separate legal entities. Instead, profits and losses are passed through to the partners, who report them on their individual tax returns.

Identify the correct characteristic: The defining feature of a partnership is that ownership is shared by two or more individuals who co-manage the business, making decisions collectively and sharing profits and losses.