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ACC 101 Chapter 1 || with Error-free Solutions.
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  • ACC 101 Chapter 1

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...

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  • August 9, 2024
  • 5
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

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  • accounting is the language of

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  • ACC 101 Chapter 1
  • ACC 101 Chapter 1

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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

4 primary financial statements correct answers -income statement
- statement of stockholder's equity
- balance sheet
- statement of cash flows

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