HCAD760 Module 1 Exam Questions with Complete Solutions Graded A+
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Course
LSUS MHA 706
Institution
LSUS MHA 706
Accounting - Answer: measurement in financial (dollar) terms of events that reflect the resources, operations, and financing of an organization
Financial Management - Answer: provides the theory, concepts, and tools necessary to help managers make better financial decisions
Characteristics ...
, Accounting - Answer: measurement in financial (dollar) terms of events that reflect the resources,
operations, and financing of an organization
Financial Management - Answer: provides the theory, concepts, and tools necessary to help managers
make better financial decisions
Characteristics of a business - Answer: • Obtains financing from marketplace
• Uses funds to buy assets
• Operates the assets to provide goods or services
Sells the goods or services to create revenue
4 Cs of finance - Answer: 1) Cost minimization 2) Cash sufficiency 3) Capital access 4) Control of financial
resources
Proprietorship - Answer: business owned by a single individual
Partnership - Answer: a business owned by two or more people
Corporation - Answer: Legal business directly separate from owners or management.
Advantages of Proprietorship & Partnership - Answer: ease of formation, few regulations, no corp.
income taxes
Disadvantages of Proprietorship & Partnership - Answer: limited life, difficult to transfer ownership,
unlimited liability
Advantages & Disadvantages of Corporations - Answer: Advantages: unlimited life, easy transfer of
ownership, limited liability, ease of raising capital
Disadvantages: Cost of formation and reporting, double taxation for investor-owned corporations
Hybrid forms of Organization - Answer: Limited liability partnership, limited liability corporation
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