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...
ACCT 253 intro test questions and
answers 2024
acct
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.
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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