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

The most common type of business organization in the United States is the:

Corporation

Limited liability company (LLC)

Sole proprietorship

Partnership

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

A Corporation is a legal entity separate from its owners, offering limited liability to shareholders but subject to double taxation (corporate and dividend taxes).

A Limited Liability Company (LLC) combines the benefits of limited liability and pass-through taxation, making it a flexible option for small businesses.

A Sole Proprietorship is the simplest and most common form of business organization in the United States. It is owned and operated by one individual, with no distinction between the business and the owner. The owner is personally liable for all debts and obligations.

A Partnership involves two or more individuals who share ownership, profits, and liabilities. It is less common than sole proprietorships but still widely used for certain types of businesses.