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...
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
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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