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ACCT 253 intro test questions and answers 2024

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Accounting - an information system that identifies, measures, records and communicates understandable, relevant, reliable, and comparable information about an organization's economic activities. bookkeeping - the recording of financial transactions, either manually or electronically, for the pur...

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  • August 21, 2024
  • 11
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

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  • acct 253 intro test
  • acct 253
  • acct 253 intro test questions and answers 2024
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  • acct 253 intro test questions

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ACCT 253 intro test questions and
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possiblea 8/21/24 .

, ACCT 253 intro test questions and answers 2024
Accounting - an information system that identifies, measures, records and
communicates understandable, relevant, reliable, and comparable information about an
organization's economic activities.

bookkeeping - the recording of financial transactions, either manually or electronically,
for the purpose of creating a reliable bank of data.

3 kinds of business - 1. Sole proprietorship - subject to unlimited liability
2. Partnership
3. Corporation

unlimited liability - owner is responsible for debts that are greater than the resources of
the proprietorship.

limited partnership - general partner(s) with unlimited liability and a limited partner(s)
with liability restricted to the amount invested

limited liability partnership - restricts partners' liabilities to their own acts thus protecting
innocent partners from the negligence of another partner

corporation - owned by : shareholders - legally distinct from business by limited liability

Non-business organizations include - airports, libraries, museums, religious institutions,
municipal governments, law enforcement organizations, postal services, colleges,
universities, bus lines, utilities, highways, shelters, parks, hospitals, and schools.

ANYTHING WHERE PROFIT IS NOT THE PRIMARY GOAL

Financial Accounting serves - External Users:
bd clss - (bad class)
brokers, directors, customers, lenders, suppliers, shareholders

Managerial Accounting serves - Internal Users:

Internal controls are procedures set up to ... - PEPE
1. Protect assets (cash, equipment, and buildings),
2. Ensure that accounting reports are reliable,
3. Promote efficiency
4. Ensure that company policies are followed



ACCT 253 intro test questions and answers 2024

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