NVCC ACC211 TEST 1 QUESTIONS & ANSWERS 2024/2025
ACCOUNTING - ANSWERSinfo system that identifies, records & communicates the economic events of a company
SOLE PROPRIETORSHIP - ANSWERS1 owner, easy to set up, tax advantage, personal liability. auto repair shop, barber shop, farms,
PARTNER...
ACCOUNTING - ANSWERSinfo system that identifies, records & communicates the economic events of a
company
SOLE PROPRIETORSHIP - ANSWERS1 owner, easy to set up, tax advantage, personal liability. auto repair
shop, barber shop, farms,
PARTNERSHIP - ANSWERSMore than 2 owners, simple to set up, tax advantage, personal liability. doctors
and lawyer offices
CORPORATION - ANSWERSeasier to transfer ownership and raise funds, no personal liability, high taxes,
owned by stockholders. Coca Cola, Microsoft, Citi, Exxon
INTERNAL USERS - ANSWERSManagers who plan, organize and run a business. Marketing managers,
production supervisors, company officers & directors, sales staff, internal auditors
SEC - ANSWERSSecurity & exchange commission, government agency establishes reporting requirements
for corporations
Income Statement - ANSWERSRevenue - Expenses = Net Income or Net Loss shows the revenue and
expenses & resulting NI or NL for a PERIOD of time..for a year, a month, etc.
Cash Flow Statement - ANSWERSShows the change in cash (increases - decreases) for a PERIOD of time
from OPERATING, INVESTING and FINANCING activities.
These are the 3 main business activities of a company.
what are the 3 main business activities of a company? - ANSWERSOPERATING, INVESTING and
FINANCING
Operating - ANSWERScash inflow/outflow related to a business operation cash received from clients
cash paid for supplies, rent, wages
Investing - ANSWERSpurchases of equipment, delivery truck, computer, building to operate business
The benefits of buying summaries with Stuvia:
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
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
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 Bensuda. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $8.49. You're not tied to anything after your purchase.
