Exam (elaborations)
ACC290 Chapter 1 Accounting 290 terms
- Course
- Institution
ACC290 Chapter 1 Accounting 290 terms
[Show more]
Seller
Follow
denicetho
Content preview
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
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller denicetho. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $9.59. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
82871 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now