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NVCC ACC211 TEST 1 QUESTIONS & ANSWERS 2024/2025 $8.49   Add to cart

Exam (elaborations)

NVCC ACC211 TEST 1 QUESTIONS & ANSWERS 2024/2025

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  • 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...

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  • November 12, 2024
  • 10
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers
  • NVCC ACC211
  • NVCC ACC211
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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

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