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TAMU ACCT 229 - Exam 1 Questions and Answers 100% Solved $9.99   Add to cart

Exam (elaborations)

TAMU ACCT 229 - Exam 1 Questions and Answers 100% Solved

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  • ACCT 229
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  • ACCT 229

TAMU ACCT 229 - Exam 1 Questions and Answers 100% Solved 3 types of businesses - sole proprietorship, partnership, corporation unlimited liability - sole proprietorship & partnership limited liability - corporation Sole Proprietorship - one owner advantage: easy to form separate entity for a...

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  • October 23, 2024
  • 9
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers
  • ACCT 229
  • ACCT 229
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JOSHCLAY
©JOSHCLAY 2024/2025. YEAR PUBLISHED 2024.

TAMU ACCT 229 - Exam 1 Questions and

Answers 100% Solved


3 types of businesses - ✔✔sole proprietorship, partnership, corporation

unlimited liability - ✔✔sole proprietorship & partnership

limited liability - ✔✔corporation

Sole Proprietorship - ✔✔one owner

advantage: easy to form

separate entity for accounting purposes

not a separate entity for legal purposes or tax purposes

Partnership - ✔✔two or more owners

separate entity for accounting purposes

not a separate entity for legal or tax purposes

Corporations - ✔✔business incorporated under the laws of a particular

state.

, ©JOSHCLAY 2024/2025. YEAR PUBLISHED 2024.

Advantages: limited liability, continuity of life, ease in transfer of stock

(ownership), opportunity to raise large amounts of money by selling shares

of stock to a large number of people.

3 types of business activities - ✔✔financing, investing, operating

Operating Activities - ✔✔everyday activities

-sell inventory, pay employees

Investing Activities - ✔✔how you grow your company

-buying building, equipment, vehicles, fixtures

Financing Activities - ✔✔how you pay for your growth

-borrow money: temporary financing

-issue stock: permanent

4 financial statements - ✔✔Income statement

Statement of Retained Earnings

Balance Sheet

Statement of Cash Flows

What does a balance sheet show? - ✔✔Shows the financial position of a

company at a point in time. A = L + SHE

Assests - ✔✔what a company owns, or what is owed to a company

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