ACC EXAM 1 Complete Questions And Correct Verified Answers.
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Course
ACC.
Institution
ACC.
2 organizations that are simple to establish - correct answer sole proprietorship & partnership
organization that is easy to transfer ownership - correct answer corporations
organizations that has no personal liablility - correct answer corporations
2 internal users of finan...
2 organizations that are simple to establish - correct answer sole proprietorship & partnership
organization that is easy to transfer ownership - correct answer corporations
organizations that has no personal liablility - correct answer corporations
2 internal users of financial statements - correct answer directors and marketing managers
3 external users of the financial statements - correct answer creditors investors labor unions
customers irs epa sec
2 ways a corporation makes money - correct answer borrowing money and selling shares of stock
activities that are considered financing - correct answer selling 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 - correct answer revenue
the cost of assets consumed or services used in the process of generating revenues - correct answer
expenses
resources owned or used by the business - correct answer assets
the right to receive money in the future - correct answer accounts receivable
when expenses exceed revenues - correct answer net loss
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