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 typically required before opening a business?

Obtaining the necessary business licenses and permits

Paying dividends to shareholders

Issuing financial statements to the public

Hiring all employees in advance

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Verified step by step guidance

Understand the context of the question: Before opening a business, certain legal and administrative requirements must be fulfilled to ensure compliance with local, state, and federal regulations.

Review the options provided: Analyze each option to determine its relevance to the process of starting a business.

Option 1: 'Obtaining the necessary business licenses and permits' - This is a critical step as businesses must comply with legal requirements to operate. Licenses and permits vary depending on the type of business and location.

Option 2: 'Paying dividends to shareholders' - This is not relevant to starting a business. Dividends are typically paid after the business is operational and profitable, not before opening.

Option 3: 'Issuing financial statements to the public' and Option 4: 'Hiring all employees in advance' - These are not prerequisites for opening a business. Financial statements are issued by established businesses, and hiring employees can occur after the business is operational.