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

Types of Accounting

Financial Accounting

1. Introduction to Accounting

Types of Accounting

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Multiple Choice

Which term best describes someone who owns, operates, and takes the risk of a business venture?

Auditor

Shareholder

Entrepreneur

Bookkeeper

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Verified step by step guidance

Step 1: Understand the definitions of the terms provided in the question. An auditor is a professional who examines financial records to ensure accuracy and compliance. A shareholder is an individual or entity that owns shares in a company. A bookkeeper is responsible for recording financial transactions. An entrepreneur is someone who owns, operates, and takes the risk of a business venture.

Step 2: Analyze the question to identify the key characteristics being described. The question specifies ownership, operation, and risk-taking in a business venture.

Step 3: Match the characteristics described in the question to the definitions of the terms. Ownership, operation, and risk-taking align with the definition of an entrepreneur.

Step 4: Eliminate the other options based on their definitions. An auditor does not own or operate a business; they review financial records. A shareholder owns shares but does not necessarily operate or take risks in the business. A bookkeeper records transactions but does not own or operate the business.

Step 5: Conclude that the term 'Entrepreneur' best fits the description provided in the question.