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MGT 8803 Week 1 EXAM WITH COMPREHENSIVE SOLUTIONS

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A business owned by a single owner - ANSWER proprietorship A business owned by more than one owner - ANSWER partnership In ___ & ___, the business and the owner(s) are legally one entity - there is unlimited liability and no taxation. - ANSWER proprietorship and partnership What does unlimited liability mean? - ANSWER The obligations of the business are the same as the obligations of the owners; i.e., a bank can go after the owners if the business defaults on its loan What does "no taxat...

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MGT 8803 Final Exam Questions With Answers WITH UPDATED SOLUTIONS

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3 factors that effect planning of organization - CORRECT ANSWER- 1) organization level (more heirarchy better with more stability) 2) degree of uncertainty (more uncertain, shorter planning horizon) 3) length of future commitments (planning horizon should be as long as length of longest commitment by management 4 functions of management - CORRECT ANSWER- 1) planning: business goals 2) organizing: allocating resources 3) leading: coordinating and directing 4) controlling: observe and anal...

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UPDATED MGT 8803 FINAL EXAM ACTUAL EXAM QUESTIONS AND CORRECT DETAILED ANSWERS WITH RATIONALES (VERIFIED ANSWERS) |A+ GUARANTEED

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What are the (5) assumptions of financial accounting? - ANSWER- 1. Separate entity 2. Unit of measurement 3. Going concern 4. Periodicity 5. Materiality What does materiality mean? - ANSWER- The only information that needs to be disclosed in financial statements is information that will be useful for those who rely on the financial statements to make decisions. What are the qualities of financial statements? (6) - ANSWER- 1. Understandability 2. Timeliness 3. Full disclosure 4. Compar...

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