100% satisfaction guarantee Immediately available after payment Both online and in PDF No strings attached
logo-home
NVCC ACC211 TEST 1 QUESTIONS & ANSWERS 2024/2025 $8.49   Add to cart

Exam (elaborations)

NVCC ACC211 TEST 1 QUESTIONS & ANSWERS 2024/2025

 2 views  0 purchase
  • Course
  • NVCC ACC211
  • Institution
  • NVCC ACC211

NVCC ACC211 TEST 1 QUESTIONS & ANSWERS 2024/2025 ACCOUNTING - ANSWERSinfo system that identifies, records & communicates the economic events of a company SOLE PROPRIETORSHIP - ANSWERS1 owner, easy to set up, tax advantage, personal liability. auto repair shop, barber shop, farms, PARTNER...

[Show more]

Preview 2 out of 10  pages

  • November 12, 2024
  • 10
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers
  • NVCC ACC211
  • NVCC ACC211
avatar-seller
Bensuda
NVCC ACC211 TEST 1 QUESTIONS &
ANSWERS 2024/2025

ACCOUNTING - ANSWERSinfo system that identifies, records & communicates the economic events of a
company



SOLE PROPRIETORSHIP - ANSWERS1 owner, easy to set up, tax advantage, personal liability. auto repair
shop, barber shop, farms,



PARTNERSHIP - ANSWERSMore than 2 owners, simple to set up, tax advantage, personal liability. doctors
and lawyer offices



CORPORATION - ANSWERSeasier to transfer ownership and raise funds, no personal liability, high taxes,
owned by stockholders. Coca Cola, Microsoft, Citi, Exxon



INTERNAL USERS - ANSWERSManagers who plan, organize and run a business. Marketing managers,
production supervisors, company officers & directors, sales staff, internal auditors



EXTERNAL USERS - ANSWERSLenders, shareholders, government, external auditors, costumers



IDENTIFYING - ANSWERSSelect transactions and events



RECORDING - ANSWERSInput, measure, classify



Communicating - ANSWERSprepare, analyze, interpret



GAAP - ANSWERSGenerally

Accepted

Accounting

, Principles for financial reporting



Relevant info - ANSWERSaffects decision of users



Reliable info - ANSWERStrusted by users



comparable info - ANSWERShelpful in comparing organizations



FASB - ANSWERSFinancial Accounting Standards Board

US private group sets broad & specific principles



SEC - ANSWERSSecurity & exchange commission, government agency establishes reporting requirements
for corporations



Income Statement - ANSWERSRevenue - Expenses = Net Income or Net Loss shows the revenue and
expenses & resulting NI or NL for a PERIOD of time..for a year, a month, etc.



Cash Flow Statement - ANSWERSShows the change in cash (increases - decreases) for a PERIOD of time
from OPERATING, INVESTING and FINANCING activities.

These are the 3 main business activities of a company.



what are the 3 main business activities of a company? - ANSWERSOPERATING, INVESTING and
FINANCING



Operating - ANSWERScash inflow/outflow related to a business operation cash received from clients

cash paid for supplies, rent, wages



Investing - ANSWERSpurchases of equipment, delivery truck, computer, building to operate business

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 Bensuda. Stuvia facilitates payment to the seller.

Will I be stuck with a subscription?

No, you only buy these notes for $8.49. You're not tied to anything after your purchase.

Can Stuvia be trusted?

4.6 stars on Google & Trustpilot (+1000 reviews)

79373 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
$8.49
  • (0)
  Add to cart