Exam (elaborations)
ACG 2021 - Midterm (1)
- Course
- Institution
ACG 2021 - Midterm (1)
[Show more]
Seller
Follow
modockochieng06
Content preview
ACG 2021 - MidtermWhat is an asset? - ANS-An economic resource that is expected to be of benefit in future.
What are the types of business organization? - ANS-Proprietorship, Partnership, Limited-liability
Company, Corporation
Owners/Liability: Proprietorship - ANS-One owner & is personally liable.
Owners/Liability: Partnership - ANS-Two or more owners & Partners are personally liable;
limited partners are not
Owners/Liability: LLC - ANS-Comprised of members & these members are NOT personally
liable.
Owners/Liability: Corporation - ANS-Comprised of Stockholders (usually many) & NOT
personally liable.
Liabilities + Stockholders equity/Owner's equity = - ANS-Assets.
Liabilities + Paid In Capital + Retained Earnings = - ANS-Assets.
Assets - Liability - ANS-Owners' Equity.
How do you report assets? - ANS-Historical Cost.
What is Market Value? - ANS-The cost at which an asset would trade in a competitive
auction-format.
"Statement of financial position" is also known as? - ANS-Balance Sheet.
What is reported in a balance sheet? - ANS-Assets, Liabilities, and Stockholders' Equity
"Statement of operations" is also known as? - ANS-Income Statement.
What two main categories does an income statement cover? - ANS-Revenues and gains,
expenses and losses.
What is the formula for net income or net loss? - ANS-Net Income= Total revenues and gains -
total expenses and losses.
What are total liabilities? - ANS-aggregate of all debts an individual or company is liable for.
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 modockochieng06. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $7.99. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
67096 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now