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Liabilities and Equity in Accounting quesstions and answers already solved 2024
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Liabilities and Equity in Accounting quesstions and answers already solved 2024
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Liabilities and Equity in AccountingLong Term Liabilities - correct answer ✔Financial Obligations of a company
that are due more than one year in the future.
Long Term Liability examples? - correct answer ✔Lines of Credit,
Equipment/auto loans, mortgages, promissory notes, notes payable
Is Accounts Payable a current or long term liability? - correct answer
✔Accounts Payable is a current liability since it's due in a year or less.
What is a commercial loan? - correct answer ✔a debt based funding
arrangement between a business and a financial institution.
What is a Lien - correct answer ✔A legal claim on an asset used as collateral
in satisfying a debt is called a Lien
What is Amortization - correct answer ✔the process of systematically
repaying a loan over time
A loan used to finance a company's daily operations is called a(n) - correct
answer ✔working capital loan
sole proprietorship
ownership?
capital contributions? - correct answer ✔owner ship: one person
capital contributions:owners equity
paid by draw goes on balance sheet
, LLC
ownership?
capital contributions? - correct answer ✔ownership: one or more people
capital contributions:members equity
owners are not personally liable
Partnership
ownership?
capital contributions? - correct answer ✔ownership: 2 or more people
capital contributions: partner equity
C Corp
ownership?
capital contributions? - correct answer ✔ownership:one or more people
capital contributions:shareholder equity
owners not personally liable
non profit corporation
ownership?
capital contributions? - correct answer ✔ownership:one or more people
capital contributions:no owners thus non profits have net assets.
S Corp
ownership?
capital contributions? - correct answer ✔1-100 all must be us citizens
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