100% satisfaction guarantee Immediately available after payment Both online and in PDF No strings attached
logo-home
BUS 201: Final Exam| 142 Questions| With Complete Solutions $12.99   Add to cart

Exam (elaborations)

BUS 201: Final Exam| 142 Questions| With Complete Solutions

 7 views  0 purchase
  • Course
  • Institution

BUS 201: Final Exam| 142 Questions| With Complete Solutions

Preview 3 out of 22  pages

  • July 6, 2023
  • 22
  • 2022/2023
  • Exam (elaborations)
  • Questions & answers
avatar-seller
BUS 201: Final Exam| 142 Questions| With
Complete Solutions
Acccounting correct answer: the information system that
identifies, records, and communicates the economic events of an
organization to interested users

Sole Proprietorship correct answer: - simple to establish
- owner controlled
- tax advantages

Partnership correct answer: - simple to establish
- two or more people
- shared control
- broader skills and resources
- tax advantages

Corporation correct answer: - easier to transfer ownership
- easier to raise funds
- no personal liability
- need to file with state
- have rights and set up by laws
- separation between owners

Advantages/Disadvantages for Corporations correct answer: -
Disadvantage: get taxed twice
- Advantage: no personal liability, easier to transfer ownership,
easier to raise funds

,Advantages/Disadvantages for Sole Proprietorship correct
answer: Disadvantage: liable for what happens
Advantage: tax advantages, simple to establish

Internal Users correct answer: managers who plan, organize,
and run a business--marketing managers, production
supervisors, finance directors, and company officers;
MANAGEMENT

External Users correct answer: Investors, creditors, taxing
authorities, customers, labor unions, regulatory agencies:
STAKEHOLDERS

Current Assets correct answer: -assets that a company expects
to convert cash or use up within one year or the operating cycle,
whichever is longer
COMMON TYPES: cash, investments, receivables, inventories,
prepaid expenses

Current Liabilities correct answer: - obligations that the
company is to pay within the next year or operating cycle,
whichever is longer
COMMON TYPES: accounts payable, salaries and wages
payable, notes payable, interest payable, income taxes payable,
ALSO unearned revenue

PP&E correct answer: - long useful lives
- these are seen as assets on the balance sheet
COMMON TYPES: land, buildings, equipment, delivery
vehicles, and furniture

, Accumulated Depreciation correct answer: - total amount of
depreciation expensed thus far in the asset's life
- is seen as a contra asset
- appears just after the account it offsets on the balance sheet

Intangible Assets correct answer: - assets that do not have
physical substance
COMMON TYPES: goodwill, patents, copyrights, and
trademarks

Stockholders' Equity correct answer: - Common Stock:
investments of assets into the business by the stockholders
- Retained Earnings: income retained for use in the business

Accounting Equation correct answer: Assets = Liabilities +
Owner's Equity

Expanded Accounting Equation correct answer: Assets =
Liabilities + Stockholders' Equity
Assets = Liabilities + Cont. Capital + R.E.
Asset = Liab + Cont. Capital + Rev - Exp - Dividends
Asset + Exp + Divid = Cont. Capital + Rev + Liab

Liquidity Ratios correct answer: - measure the short-term
ability to pay maturing obligations and to meet unexpected
needs for cash

Current Ratio= Current Assets
---------------------------------
Current Liabilities

The benefits of buying summaries with Stuvia:

Guaranteed quality through customer reviews

Guaranteed quality through customer reviews

Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.

Quick and easy check-out

Quick and easy check-out

You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.

Focus on what matters

Focus on what matters

Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!

Frequently asked questions

What do I get when I buy this document?

You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.

Satisfaction guarantee: how does it work?

Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.

Who am I buying these notes from?

Stuvia is a marketplace, so you are not buying this document from us, but from seller Classroom. Stuvia facilitates payment to the seller.

Will I be stuck with a subscription?

No, you only buy these notes for $12.99. You're not tied to anything after your purchase.

Can Stuvia be trusted?

4.6 stars on Google & Trustpilot (+1000 reviews)

79223 documents were sold in the last 30 days

Founded in 2010, the go-to place to buy study notes for 14 years now

Start selling
$12.99
  • (0)
  Add to cart