ACG 2021; Questions & Answers 100% Correct
proprietorship CORRECT ANSWER-owned by one person, small businesses, personally
liable for debts of business, tax advantages
partnership CORRECT ANSWER-owned by two or more persons, personally liable for
debts of the business, tax advantages
corpora...
ACG 2021; Questions & Answers 100% Correct
proprietorship CORRECT ANSWER-owned by one person, small businesses, personally
liable for debts of business, tax advantages
partnership CORRECT ANSWER-owned by two or more persons, personally liable for
debts of the business, tax advantages
corporation CORRECT ANSWER-ownership in shares of stock, separate legal entity
organized unter state corporation law, no personal liability, easier to raise funds
internal Users CORRECT ANSWER-marketing, finance, human resources, management
Cash Inflow-Cash Outflow=Net Cash Flow CORRECT ANSWER-Statement of Cash Flows
1. Income Statement
2. Retained Earnings Statement
3. Balance Sheet
4. Statement of Cash Flows CORRECT ANSWER-Order of Financial Statements
Auditor's Report CORRECT ANSWER-the segment of the annual report that presents an
opinion regarding the fairness of the presentation of the financial position and results of
operations
Notes to Financial Statements CORRECT ANSWER-the segment of a corporation's annual
report that describes the corporation's accounting methods
Auditor CORRECT ANSWER-an accounting professional who conducts an independent
examination of a company's financial statements
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