Csu act 205 exam 1 - Study guides, Class notes & Summaries

Type of Business Organization - Answer-Sole Proprietorship -Simple to establish -owner controlled -tax advantages Type of Business Organization - Answer-Partnerships -simple to establish -shared control -broader skills and resources -tax advantages Type of Business Organization - Answer-Corporations -easier to transfer ownership -easier to raise funds -no personal liability Primary users of accounting information - Answer-internal and external internal users - Answer-The organizati...

CSU ACT 205 exam 1 COMPLETE SOLUTION TESTED AND VERIFIED FOR A+ ACHIEVERS!!

CSU ACT 205 Exam 1 Questions and Correct Answers What are the 2 primary functions of financial accounting? - ANSWER to measure activities of a company and communicate those measurements to investors What 3 fundamental business activities does financial accounting measure? - ANSWER cing activities 2. investing activities 3. operating activities financing activities - ANSWER includes transactions the business has with creditors and investors such as issuing...

ACT 205 CSU EXAM 1 Questions and Answers Asset Accounts are: - ANSWER Land Cash Accounts Receivable Notes Receivable Prepaid Accounts Supplies Equipment Buildings Liability accounts are: - ANSWER Notes Payable Accounts Payable Accrued Liabilities Unearned Revenue The account types are: - ANSWER Accounts Payable Notes Payable Unearned Revenue Accrued Liabilities Equity Accounts: - ANSWER + Common Stock - Dividends + Revenues - Expenses...

CSU ACT 205 Exam Questions and Answers All Correct What are the 2 primary functions of financial accounting? - ANSWER to measure activities of a company and communicate those measurements to investors What 3 fundamental business activities does financial accounting measure? - ANSWER cing activities 2. investing activities 3. operating activities financing activities - ANSWER includes transactions the business has with creditors and investors such as is...