Exam (elaborations)
ACC290 Chapter 1 Accounting 290 terms
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ACC290 Chapter 1 Accounting 290 terms
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ACC290 Chapter 1 Accounting 290 termsThree main forms of business - CORRECT ANSWER-Sole proprietorship,
Partnership, Corporation
Advantage of Corporations over Partnerships or Sole proprietorships -
CORRECT ANSWER-Reduced legal liability for investors
Sarbanes-Oxley Act - CORRECT ANSWER-An act passed into law by Congress
in 2002 to establish strict accounting and reporting rules in order to make senior
managers more accountable and to improve and maintain investor confidence
Annual report - CORRECT ANSWER-A report prepared by corporate
management that presents financial information including financial statements,
notes, a management discussion and analysis section, and an independent
auditor's report
Accounting - CORRECT ANSWER-The information system that identifies,
records, and communicates the economic events of an organization to interested
users
Assets - CORRECT ANSWER-Resources owned by a business
Auditor's report - CORRECT ANSWER-A report prepared by an independent
outside auditor stating the auditor's opinion as to the fairness of the presentation
of the financial position and results of operations and their conformance with
generally accepted accounting standards
Balance sheet - CORRECT ANSWER-a financial statement that reports assets,
liabilities, and owner's equity on a specific date
Basic accounting equation - CORRECT ANSWER-assets = liabilities +
stockholders' equity
Certified Public Accountant (CPA) - CORRECT ANSWER-An individual who has
met certain criteria and is thus allowed to perform audits of corporations
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