ACC EXAM 1 QUESTIONS & ANSWERS 2024/2025
2 organizations that are simple to establish - ANSWERSsole proprietorship & partnership
organization that is easy to transfer ownership - ANSWERScorporations
organizations that has no personal liablility - ANSWERScorporations
2 internal users o...
2 organizations that are simple to establish - ANSWERSsole proprietorship & partnership
organization that is easy to transfer ownership - ANSWERScorporations
organizations that has no personal liablility - ANSWERScorporations
2 internal users of financial statements - ANSWERSdirectors and marketing managers
3 external users of the financial statements - ANSWERScreditors investors labor unions customers irs epa
sec
2 ways a corporation makes money - ANSWERSborrowing money and selling shares of stock
activities that are considered financing - ANSWERSselling common stock and issuing a loan with a bank
name of account when an increase in assets (cash or accounts receivable) resulting from the sale of a
product or service - ANSWERSrevenue
the cost of assets consumed or services used in the process of generating revenues - ANSWERSexpenses
resources owned or used by the business - ANSWERSassets
the right to receive money in the future - ANSWERSaccounts receivable
when expenses exceed revenues - ANSWERSnet loss
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