Exam (elaborations)
ACG 2021 - Midterm (1)
ACG 2021 - Midterm (1)
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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.
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