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

Types of Accounting

Financial Accounting

1. Introduction to Accounting

Types of Accounting

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Multiple Choice

Which one of the following statements regarding corporations is correct?

Corporations are separate legal entities from their owners.

Corporations have unlimited liability for their shareholders.

Corporations are not required to pay income taxes.

Corporations cannot issue shares to raise capital.

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Verified step by step guidance

Step 1: Understand the concept of a corporation. A corporation is a separate legal entity that is distinct from its owners (shareholders). This means it can own assets, incur liabilities, and enter into contracts independently of its shareholders.

Step 2: Analyze the first statement: 'Corporations are separate legal entities from their owners.' This is a correct statement because the legal structure of a corporation ensures that it operates independently of its shareholders.

Step 3: Analyze the second statement: 'Corporations have unlimited liability for their shareholders.' This is incorrect because shareholders of a corporation have limited liability, meaning they are only liable up to the amount they invested in the corporation.

Step 4: Analyze the third statement: 'Corporations are not required to pay income taxes.' This is incorrect because corporations are required to pay income taxes on their profits, as they are treated as separate taxable entities.

Step 5: Analyze the fourth statement: 'Corporations cannot issue shares to raise capital.' This is incorrect because one of the primary advantages of a corporation is its ability to issue shares to raise capital from investors.