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 a requirement for the initial formation of a corporation?

Registering with the Securities and Exchange Commission (SEC)

Obtaining approval from all existing shareholders

Publishing annual financial statements before incorporation

Filing articles of incorporation with the appropriate state authority

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Verified step by step guidance

Understand the concept of forming a corporation: A corporation is a legal entity that is separate from its owners. To establish a corporation, certain legal steps must be followed to ensure compliance with state laws.

Identify the key requirement for incorporation: The primary legal document required to form a corporation is the 'articles of incorporation.' This document outlines essential details about the corporation, such as its name, purpose, registered agent, and initial directors.

Determine the filing authority: The articles of incorporation must be filed with the appropriate state authority, typically the Secretary of State or a similar government office, depending on the jurisdiction.

Clarify why the other options are incorrect: Registering with the SEC is not required for initial formation; it is relevant for publicly traded companies. Approval from existing shareholders is irrelevant for a new corporation, as there are no shareholders yet. Publishing annual financial statements is a post-incorporation requirement for some corporations, not a prerequisite for formation.

Conclude that the correct answer is 'Filing articles of incorporation with the appropriate state authority,' as this is the fundamental legal step to establish a corporation.