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 would an entrepreneur typically do first when starting a new business venture?

Develop a business plan

Hire employees

Apply for business loans

Begin marketing the product

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Verified step by step guidance

Step 1: Understand the importance of a business plan. A business plan is a foundational document that outlines the goals, strategies, financial projections, and operational details of the business. It serves as a roadmap for the entrepreneur and is often required by investors and lenders.

Step 2: Recognize that developing a business plan is typically the first step in starting a new business venture. This is because it helps the entrepreneur clarify their vision, identify potential challenges, and determine the resources needed to succeed.

Step 3: Compare the other options provided in the question. Hiring employees, applying for business loans, and beginning marketing efforts are all important steps, but they usually come after the business plan is developed. These actions rely on the strategic direction and financial planning outlined in the business plan.

Step 4: Note that applying for business loans often requires a detailed business plan to demonstrate the viability of the venture to lenders. Similarly, hiring employees and marketing efforts are guided by the operational and financial strategies in the plan.

Step 5: Conclude that developing a business plan is the logical first step for an entrepreneur, as it lays the groundwork for all subsequent actions in starting and managing the business.