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 advantage of a hybrid form of business ownership, such as an LLC or LLP?

Limited liability protection for owners

Mandatory dissolution upon the death of any owner

Unlimited personal liability for business debts

Double taxation of profits

Previous problemNext problem

Verified step by step guidance

Step 1: Understand the concept of hybrid forms of business ownership, such as LLC (Limited Liability Company) and LLP (Limited Liability Partnership). These structures combine features of corporations and partnerships to provide benefits like limited liability and operational flexibility.

Step 2: Analyze the key advantage of limited liability protection. In an LLC or LLP, owners are generally not personally liable for the business's debts or legal obligations beyond their investment in the company. This is a significant benefit compared to sole proprietorships or general partnerships.

Step 3: Evaluate the other options provided in the question. For example, mandatory dissolution upon the death of an owner is not a characteristic of LLCs or LLPs, as these entities often have provisions for continuity.

Step 4: Consider the concept of unlimited personal liability for business debts. This applies to sole proprietorships and general partnerships, not LLCs or LLPs, which protect owners from such liabilities.

Step 5: Examine the concept of double taxation of profits. This is a feature of corporations, where profits are taxed at the corporate level and again at the individual level when distributed as dividends. LLCs and LLPs typically avoid double taxation by allowing profits to pass through to owners' personal tax returns.