Exam (elaborations)
Anne Rich Accounting 1 Exam Questions and Answers
- Course
- Accounting
- Institution
- Accounting
Anne Rich Accounting 1 Exam Questions and Answers
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Anne Rich Accounting 1 ExamQuestions and Answers
Corporation - Answer-A legal entity created under the laws of a state or federal
government. The owners of a corporation receive shares of stock as evidence of their
ownership interest in the company.
Partnership - Answer-A voluntary association of two or more persons for the purpose of
conducting a business
Sole Proprietorship - Answer-A form of business organization in which one person owns
the business
Stockholder - Answer-An owner of a corporation as a result of the purchase of the
corporation's shares of stock; also known as a shareholder
Creditor - Answer-An individual or financial institution that lends money or services to a
company with the expectation of receiving repayment in the future
Debt Financing - Answer-A source of financing for a company involving the use of debt,
such as a bank loan or the issuance of bonds
Equity Financing - Answer-A source of financing for a company involving the sale of
shares of common stock
New York Stock Exchange (NYSE) - Answer-A marketplace, located in New York City,
for buying and selling of corporate shares
Principle - Answer-As it relates to debt financing, the amount initially borrowed from the
creditor
Financial Accounting - Answer-The area of accounting dealing with the preparation of
financial statements showing a business's results of operations, financial position, and
cash flow
Managerial Accounting - Answer-The accounting activities carried out by a firm's
accounting staff primarily to provide management with accounting data for decisions
related to a firm's operation
Ethics - Answer-An area of inquiry dealing with the values, rules, and justification that
govern individual's ways of life or a corporation's behavior
Forensic Accounting - Answer-A branch of accounting that involves investigations that
result from actual or anticipated disputes such as criminal activity
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