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

Previous problemNext problem

Struggling with Financial Accounting?

Join thousands of students who trust us to help them ace their exams!Watch the first video

Multiple Choice

Holden owns a restaurant by himself and is personally liable for all the business's debts. Which type of business organization does Holden most likely have?

Partnership

Limited liability company (LLC)

Sole proprietorship

Corporation

Previous problemNext problem

Verified step by step guidance

Understand the key characteristics of each type of business organization mentioned in the problem: Partnership, Limited Liability Company (LLC), Sole Proprietorship, and Corporation.

Recognize that a Sole Proprietorship is a business owned and operated by one individual, where the owner is personally liable for all debts and obligations of the business.

Identify that in a Partnership, there are typically two or more owners who share profits, losses, and liabilities, which does not match the scenario described in the problem.

Understand that a Limited Liability Company (LLC) provides limited liability protection to its owners, meaning they are not personally liable for the business's debts, which is not the case here.

Note that a Corporation is a separate legal entity from its owners, providing limited liability protection, which also does not align with the scenario. Therefore, the correct type of business organization is Sole Proprietorship.