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 best describes a limited partnership?

A partnership in which all partners have unlimited liability and participate equally in management.

A partnership where all partners are only liable up to the amount they invested, and all participate in management.

A partnership formed solely for a single project or limited time period.

A partnership with at least one general partner who manages the business and one or more limited partners who have limited liability and do not participate in management.

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Verified step by step guidance

Step 1: Understand the concept of a limited partnership. A limited partnership is a type of business structure that includes two types of partners: general partners and limited partners.

Step 2: Clarify the roles of general partners. General partners manage the business and have unlimited liability, meaning they are personally responsible for the debts and obligations of the partnership.

Step 3: Clarify the roles of limited partners. Limited partners contribute capital to the business but have limited liability, meaning their financial risk is restricted to the amount they invested. They do not participate in the management of the business.

Step 4: Compare the given options to the definition of a limited partnership. Eliminate options that do not align with the roles and liabilities of general and limited partners.

Step 5: Identify the correct description of a limited partnership, which is: 'A partnership with at least one general partner who manages the business and one or more limited partners who have limited liability and do not participate in management.'