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 is typically a step that new sole proprietorships must take before beginning operations?

Issue shares of stock to investors

File articles of incorporation with the state

Appoint a board of directors

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Verified step by step guidance

Understand the nature of a sole proprietorship: A sole proprietorship is a business owned and operated by one individual. It is the simplest form of business structure and does not require complex formalities like issuing shares or appointing a board of directors.

Recognize the legal requirements for starting a sole proprietorship: Unlike corporations, sole proprietorships do not need to file articles of incorporation or issue stock. However, they may need to comply with local regulations to operate legally.

Identify the importance of registering the business name: If the sole proprietorship operates under a name other than the owner's legal name, it is typically required to register the business name (often referred to as a 'Doing Business As' or DBA name) with local authorities.

Research local regulations: The specific requirements for registering a business name vary by jurisdiction. It is important to check with local government offices or websites to understand the process and fees involved.

Complete the registration process: Once the business name is chosen, the owner must fill out the necessary forms, pay any applicable fees, and ensure compliance with local laws to officially register the name and begin operations.