Accounting is the language of ________ correct answers business
a system of maintaining records of a company's operations and communicating that information to decision makers correct answers accounting
these people decide whether to invest in stock correct answers investors
these people d...
ACC 101 Chapter 1 || with Error-free Solutions.
Accounting is the language of ________ correct answers business
a system of maintaining records of a company's operations and communicating that information
to decision makers correct answers accounting
these people decide whether to invest in stock correct answers investors
these people decide whether to lend money correct answers creditors
these people decide whether to purchase products correct answers customers
these people decide the customer's ability to pay for supplies correct answers suppliers
these people decide upon production and expansion correct answers managers
this is owned by a single individual, assets have full liability correct answers sole proprietorship
is owned by two or more individuals, personal assets are affected correct answers partnership
ownership represented by shares of stock, restricts liability to invest amount correct answers
corporation
4 advantages of a corporation correct answers - limited liability
- continuity of life
- ease transfer of ownership
- able to raise large amount of money
main disadvantage of a corporation correct answers double taxation
double taxation correct answers pay taxes on net income and dividends
accounting is using ________ to record ___________ by a business correct answers financial
statements, transactions
used to raise capital for a company correct answers stock
3 main objectives of financial accounting correct answers provide information to
- be useful tp investors/creditors in making decisions
- helps predict cash flows
- tells about economic resources, claims to resources, and changes in resources and claims
Financial accounting reports provide ___________ to _______ correct answers financial
statements, external decision makers
, Managerial accounting reports ______________ to provide to ___________ correct answers
detailed plans and continuous performance reports, internal decision makers
these people have first rights to a business if it fails correct answers creditors
draw the framework for financial accounting correct answers see notes
resources of the company correct answers assets
creditor's claims to resources correct answers liabilities
owners' claims to resources correct answers stockholder's equity
account where someone owes you money correct answers accounts receivable
earnings the company held on to correct answers retained earnings
prepaid expenses are _________ correct answers assets
if dividends are given out, retained earnings ___________ correct answers decreases
the accounting equation correct answers assets=liabilities+stockholder's equity
sales of products/services to customers correct answers revenues
costs of selling correct answers expenses
profit=? correct answers revenue-expenses
profit is the same term as _______ correct answers net income
all profits are solely claimed by ____________ correct answers stockholders
net income goes into ______ correct answers retained earnings
cost of goods sold is a ___________ correct answers expense
distribution of profit to stockholders correct answers dividends
dividends is NOT an ________ correct answers expense
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