ACG 2021; Questions & Answers 100% Correct
proprietorship CORRECT ANSWER-owned by one person, small businesses, personally
liable for debts of business, tax advantages
partnership CORRECT ANSWER-owned by two or more persons, personally liable for
debts of the business, tax advantages
corpora...
ACG 2021; Questions & Answers 100% Correct
proprietorship CORRECT ANSWER-owned by one person, small businesses, personally
liable for debts of business, tax advantages
partnership CORRECT ANSWER-owned by two or more persons, personally liable for
debts of the business, tax advantages
corporation CORRECT ANSWER-ownership in shares of stock, separate legal entity
organized unter state corporation law, no personal liability, easier to raise funds
internal Users CORRECT ANSWER-marketing, finance, human resources, management
Cash Inflow-Cash Outflow=Net Cash Flow CORRECT ANSWER-Statement of Cash Flows
1. Income Statement
2. Retained Earnings Statement
3. Balance Sheet
4. Statement of Cash Flows CORRECT ANSWER-Order of Financial Statements
Auditor's Report CORRECT ANSWER-the segment of the annual report that presents an
opinion regarding the fairness of the presentation of the financial position and results of
operations
Notes to Financial Statements CORRECT ANSWER-the segment of a corporation's annual
report that describes the corporation's accounting methods
Auditor CORRECT ANSWER-an accounting professional who conducts an independent
examination of a company's financial statements
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 GOLDTUTORS. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $11.99. You're not tied to anything after your purchase.
