Acg 2021 exam 1 - Study guides, Class notes & Summaries

UCF ACG 2021 Exam 1 Review (1

ACG 2021 Exam 2 (1).

ACG 2021 Exam -2 (1)

ACG 2021 Patterson FSU Exam 1 (1)

ACG 2021 Patterson FSU Exam 1

materiality - ANSWER-A company-specific component of relevance and is likely to influence the decision of an investor or creditor if its size is ____________. consistency - ANSWER-The use of the same accounting principles and methods from year-to-year within a company. measurable - ANSWER-The amount if the transaction can be determined and "available" means collectible within the current period or soon enough thereafter to be used to pay liabilities of the current period. faithful rep...

ACG 2021 Patterson FSU Exam 1 Questions With Correct Answers Sole proprietorship - answerA business owned by one person. Simple to set up and gives you control. Partnership - answerA business owned by two or more persons who are associated. Partners bring unique skills and sometimes the individuals don't have enough resources on their own. Corporation - answerA business organized as a separate legal entity owned by stockholders. Anyone can become an owner via stocks. Stocks are easy to s...

Internal Controls a company's plan to 1) Safeguard the company's assets, and 2) Improve the accuracy and reliability of accounting information. (4) Framework for Internal Controls a framework to be used when designing internal controls systems including the control environment, risk assessment, control activities (preventative and detective), monitoring, and information and communication. (4) Separation of duties authorizing transactions, recording transactions, and maintaining control of re...

ACG 2021 Exam 1 Review QUESTIONS WITH COMPLETE SOLUTIONS

ACG 2021 ch 1-4 exam Questions and answers, 100% accurate, rated A Sole proprietorship - --simple to establish -owner controlled -tax advantages Partnership - --simple to establish -shared control -broader skills -tax advantages Corporation - --easier to transfer ownership -easier to raise funds -no personal liability Internal users - -marketing, management, finance, HR External users - -creditors and investors Sarbanes oxley act - -law passed to keep financial informa...