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ACG 2021 ch 1-4 exam Questions and answers, 100% accurate, rated A
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ACG 2021 ch 1-4 exam Questions and answers, 100% accurate, rated A Sole proprietorship - --simple to establish -owner controlled -tax advantages Partnership - --simple to establish -shared control -broader skills -tax advantages Corporation - --easier to transfer ownership -easier ...

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  • February 4, 2023
  • 21
  • 2022/2023
  • Exam (elaborations)
  • Questions & answers

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  • acg 2021 ch 1 4 exam questions and answers
  • 100 accurate
  • rated a sole proprietorship simple to establish owner controlled tax advantages partnership simple to establish shared control

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  • ACG
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ACG 2021 ch 1-4 exam Questions and
answers, 100% accurate, rated A

Sole proprietorship - ✔✔--simple to establish

-owner controlled

-tax advantages



Partnership - ✔✔--simple to establish

-shared control

-broader skills

-tax advantages



Corporation - ✔✔--easier to transfer ownership

-easier to raise funds

-no personal liability



Internal users - ✔✔-marketing, management, finance, HR



External users - ✔✔-creditors and investors



Sarbanes oxley act - ✔✔-law passed to keep financial information ethical so that investors wouldn't lose
faith in corporate accounting



3 types of business activities - ✔✔-Financing, investing, operating



Financing activities - ✔✔-borrowing money and issuing stock for cash

,Investing activities - ✔✔-purchasing resources a company needs to operate (usually PP&E) and
investments



Accounting information system - ✔✔-keeps track of business activities



Operating activities - ✔✔-marketing, distributing, manufacturing, selling....

affects revenue, inventory, receivables, expenses, liabilities, net income/loss



Four financial statements (ch 1) - ✔✔-income statement, retained earnings statement, balance sheet,
statement of cash flows



Income statement - ✔✔-rev

-exp

=net inc



Retained earnings statement (Statement of stockholders equity) - ✔✔-Beg retained earnings

+owner contributions

+ net income (from inc statement)

-dividends

=end retained earnings



Balance sheet - ✔✔-Assets= Liabilities + equity



Financial statement title format - ✔✔-Company name

Type of statement

Date



Statement of cash flows (example) - ✔✔-Cash flows from operating activities

Cash receipts (+)

, Cash payments (-)

=net cash from op act

Cash flows from investing activities

Purchased equipment (-)

=net cash from inv act

Cash flows from financing activities

Issuance of common stock (+)

Issuance of note payable (+)

Payment of dividend (-)

=net cash from fin act



=Net increase in cash

+cash at beg of period

=Cash at end of period



Which financial statement is for a specific date rather than a period of time? - ✔✔-Balance Sheet



Annual reports include - ✔✔-financial statements, management discussion and analysis, notes to the
financial statements, auditor's report



Management discussion and analysis - ✔✔-company's ability to pay near term obligations, to fund
operation and expansion, and the results of operation



Notes to the financial statements - ✔✔-clarify financial statements, provide additional qualitative or
quantitative data, explain contingencies



Auditor's opinions - ✔✔-unqualified, qualified, disclaimer, adverse



Unqualified opinion - ✔✔-no significant errors in financial statement

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