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ACG 2021; Questions & Answers 100% Correct
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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...

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  • August 9, 2024
  • 8
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

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  • acg 2021 questions answers 100 correct
  • proprietorship correct answer owned by one person

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  • ACG 2021
  • ACG 2021

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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




external Users CORRECT ANSWER-IRS, investors, labor unions, creditors, SEC, customers




financing Activities CORRECT ANSWER-1. borrowing money

2. issuing shares of stock for cash




investing Activities CORRECT ANSWER-purchase of resources a company needs to
operate




operating Activities CORRECT ANSWER-revenues, inventory, accounts receivable,
expenses, liabilities

, ACG 2021; Questions & Answers 100% Correct
net income= revenues-expenses CORRECT ANSWER-income statement




Beginning Retained Earnings+Net Income-Dividends=Ending Retained Earnings CORRECT
ANSWER-Retained Earnings Statment




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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