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Texas A&M University(TAMU) ACCT 229 Tests Bundle Set
Texas A&M University(TAMU) ACCT 229 Tests Bundle Set
[Mostrar más]Texas A&M University(TAMU) ACCT 229 Tests Bundle Set
[Mostrar más]3 types of businesses CORRECT ANSWER sole proprietorship, partnership, corporation 
 
unlimited liability CORRECT ANSWER sole proprietorship & partnership 
 
limited liability CORRECT ANSWER corporation 
 
Sole Proprietorship CORRECT ANSWER one owner 
advantage: easy to form 
separate entity for acc...
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Añadir al carrito3 types of businesses CORRECT ANSWER sole proprietorship, partnership, corporation 
 
unlimited liability CORRECT ANSWER sole proprietorship & partnership 
 
limited liability CORRECT ANSWER corporation 
 
Sole Proprietorship CORRECT ANSWER one owner 
advantage: easy to form 
separate entity for acc...
Materiality CORRECT ANSWER The dollar magnitude of the transaction makes a difference in how it is recorded. Record as an expense not an asset. No party would be mislead. 
Ex. buying a 10 dollar trash can 
 
Monetary Unit CORRECT ANSWER Only transactions that can be expresses in terms of money can b...
Vista previa 3 fuera de 19 páginas
Añadir al carritoMateriality CORRECT ANSWER The dollar magnitude of the transaction makes a difference in how it is recorded. Record as an expense not an asset. No party would be mislead. 
Ex. buying a 10 dollar trash can 
 
Monetary Unit CORRECT ANSWER Only transactions that can be expresses in terms of money can b...
What consists of the policies and procedures necessary to ensure Operations, Reporting, and Compliance Objectives? CORRECT ANSWER Internal Control System 
 
What ensures the safeguarding of a company's assets & making sure operations are effective and efficient; Making sure Day-to-Day operations con...
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Añadir al carritoWhat consists of the policies and procedures necessary to ensure Operations, Reporting, and Compliance Objectives? CORRECT ANSWER Internal Control System 
 
What ensures the safeguarding of a company's assets & making sure operations are effective and efficient; Making sure Day-to-Day operations con...
Sole Proprietorship CORRECT ANSWER -one owner 
-advantage: easy to form 
-the owner uses it as a separate entity for accounting purposes, but not for legal purposes 
-unlimited liability 
 
Unlimited Liability CORRECT ANSWER The owner is personally and fully responsible for all losses and debts of t...
Vista previa 2 fuera de 7 páginas
Añadir al carritoSole Proprietorship CORRECT ANSWER -one owner 
-advantage: easy to form 
-the owner uses it as a separate entity for accounting purposes, but not for legal purposes 
-unlimited liability 
 
Unlimited Liability CORRECT ANSWER The owner is personally and fully responsible for all losses and debts of t...
business CORRECT ANSWER all activities necessary to provide the members of an economic system with goods and services 
 
3 forms of business organization CORRECT ANSWER -sole proprietorship 
-partnership 
-corporation 
 
sole proprietorship CORRECT ANSWER one owner 
advantage: easy to form 
disadvan...
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Añadir al carritobusiness CORRECT ANSWER all activities necessary to provide the members of an economic system with goods and services 
 
3 forms of business organization CORRECT ANSWER -sole proprietorship 
-partnership 
-corporation 
 
sole proprietorship CORRECT ANSWER one owner 
advantage: easy to form 
disadvan...
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