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 an example of a partnership?

A government-owned public utility

A sole proprietorship run by a single individual

A law firm owned and operated by two attorneys sharing profits and losses

A corporation with shareholders and a board of directors

Previous problemNext problem

Verified step by step guidance

Understand the definition of a partnership: A partnership is a business structure where two or more individuals share ownership, profits, and losses. It is distinct from sole proprietorships, corporations, and government entities.

Analyze the first option: A government-owned public utility is not a partnership because it is owned and operated by the government, not by private individuals sharing profits and losses.

Analyze the second option: A sole proprietorship run by a single individual is not a partnership because it involves only one owner, whereas a partnership requires at least two owners.

Analyze the third option: A law firm owned and operated by two attorneys sharing profits and losses fits the definition of a partnership because it involves two individuals jointly owning and managing the business while sharing profits and losses.

Analyze the fourth option: A corporation with shareholders and a board of directors is not a partnership because it is a separate legal entity owned by shareholders, and its structure is governed by corporate laws rather than partnership agreements.