Exam (elaborations)
Liabilities and Equity in Accounting quesstions and answers already solved 2024
- Course
- Institution
Liabilities and Equity in Accounting quesstions and answers already solved 2024
[Show more]
Content preview
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
The benefits of buying summaries with Stuvia:
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
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
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 LEWISSHAWN55. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $13.49. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
77858 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now