100% satisfaction guarantee Immediately available after payment Both online and in PDF No strings attached
logo-home
TAMU ACCT 229 - Exam 1 Questions and Answers 100% Solved $9.99   Add to cart

Exam (elaborations)

TAMU ACCT 229 - Exam 1 Questions and Answers 100% Solved

 3 views  0 purchase
  • Course
  • ACCT 229
  • Institution
  • ACCT 229

TAMU ACCT 229 - Exam 1 Questions and Answers 100% Solved 3 types of businesses - sole proprietorship, partnership, corporation unlimited liability - sole proprietorship & partnership limited liability - corporation Sole Proprietorship - one owner advantage: easy to form separate entity for a...

[Show more]

Preview 2 out of 9  pages

  • October 23, 2024
  • 9
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers
  • ACCT 229
  • ACCT 229
avatar-seller
JOSHCLAY
©JOSHCLAY 2024/2025. YEAR PUBLISHED 2024.

TAMU ACCT 229 - Exam 1 Questions and

Answers 100% Solved


3 types of businesses - ✔✔sole proprietorship, partnership, corporation

unlimited liability - ✔✔sole proprietorship & partnership

limited liability - ✔✔corporation

Sole Proprietorship - ✔✔one owner

advantage: easy to form

separate entity for accounting purposes

not a separate entity for legal purposes or tax purposes

Partnership - ✔✔two or more owners

separate entity for accounting purposes

not a separate entity for legal or tax purposes

Corporations - ✔✔business incorporated under the laws of a particular

state.

, ©JOSHCLAY 2024/2025. YEAR PUBLISHED 2024.

Advantages: limited liability, continuity of life, ease in transfer of stock

(ownership), opportunity to raise large amounts of money by selling shares

of stock to a large number of people.

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

Operating Activities - ✔✔everyday activities

-sell inventory, pay employees

Investing Activities - ✔✔how you grow your company

-buying building, equipment, vehicles, fixtures

Financing Activities - ✔✔how you pay for your growth

-borrow money: temporary financing

-issue stock: permanent

4 financial statements - ✔✔Income statement

Statement of Retained Earnings

Balance Sheet

Statement of Cash Flows

What does a balance sheet show? - ✔✔Shows the financial position of a

company at a point in time. A = L + SHE

Assests - ✔✔what a company owns, or what is owed to a company

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 JOSHCLAY. Stuvia facilitates payment to the seller.

Will I be stuck with a subscription?

No, you only buy these notes for $9.99. You're not tied to anything after your purchase.

Can Stuvia be trusted?

4.6 stars on Google & Trustpilot (+1000 reviews)

80796 documents were sold in the last 30 days

Founded in 2010, the go-to place to buy study notes for 14 years now

Start selling
$9.99
  • (0)
  Add to cart