100% satisfaction guarantee Immediately available after payment Both online and in PDF No strings attached
logo-home
Previously searched by you
Previously searched by you
logo
ACG 2021 ch 1-4 exam Questions and answers, 100% accurate, rated A $9.49
Add to cart
Quickly navigate to
Preview
  2.  
  3. ACG
  4.  
  5. ACG
  6.  
  7. ACG

Exam (elaborations)

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

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 ...

[Show more]

Preview 3 out of 21  pages

Document information

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

Subjects

  • 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

Written for

  • ACG
All documents for this subject (136)

Seller

avatar-seller
QuickPass

Reviews received

Content preview

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

The benefits of buying summaries with Stuvia:

Guaranteed quality through customer reviews

Guaranteed quality through customer reviews

Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.

Quick and easy check-out

Quick and easy check-out

You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.

Focus on what matters

Focus on what matters

Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!

Frequently asked questions

What do I get when I buy this document?

You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.

Satisfaction guarantee: how does it work?

Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.

Who am I buying these notes from?

Stuvia is a marketplace, so you are not buying this document from us, but from seller QuickPass. Stuvia facilitates payment to the seller.

Will I be stuck with a subscription?

No, you only buy these notes for $9.49. You're not tied to anything after your purchase.

Can Stuvia be trusted?

4.6 stars on Google & Trustpilot (+1000 reviews)

69411 documents were sold in the last 30 days

Founded in 2010, the go-to place to buy study notes for 15 years now

Start selling
$9.49
  • (0)
Add to cart
Added