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

Usually, how many individuals operate a sole proprietorship?

An unlimited number of individuals

Three or more individuals

One individual

Two individuals

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Verified step by step guidance

Understand the concept of a sole proprietorship: A sole proprietorship is a type of business entity that is owned and operated by a single individual. It is the simplest and most common form of business ownership.

Recognize the defining characteristic: The key feature of a sole proprietorship is that it is managed and controlled by one person, who is responsible for all aspects of the business, including profits and liabilities.

Eliminate incorrect options: Review the provided options and eliminate choices that contradict the definition of a sole proprietorship. For example, 'An unlimited number of individuals,' 'Three or more individuals,' and 'Two individuals' do not align with the concept of sole ownership.

Identify the correct answer: Based on the definition and characteristics of a sole proprietorship, the correct answer is 'One individual.'

Reinforce understanding: Remember that a sole proprietorship is distinct from partnerships or corporations, which involve multiple individuals or shareholders in ownership and management.