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Exam (elaborations)

ACC EXAM 1 QUESTIONS & ANSWERS 2024/2025

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ACC EXAM 1 QUESTIONS & ANSWERS 2024/2025 2 organizations that are simple to establish - ANSWERSsole proprietorship & partnership organization that is easy to transfer ownership - ANSWERScorporations organizations that has no personal liablility - ANSWERScorporations 2 internal users o...

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  • October 14, 2024
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  • 2024/2025
  • Exam (elaborations)
  • Questions & answers
  • ACC
  • ACC
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ACC EXAM 1 QUESTIONS & ANSWERS
2024/2025

2 organizations that are simple to establish - ANSWERSsole proprietorship & partnership



organization that is easy to transfer ownership - ANSWERScorporations



organizations that has no personal liablility - ANSWERScorporations



2 internal users of financial statements - ANSWERSdirectors and marketing managers



3 external users of the financial statements - ANSWERScreditors investors labor unions customers irs epa
sec



2 ways a corporation makes money - ANSWERSborrowing money and selling shares of stock



activities that are considered financing - ANSWERSselling common stock and issuing a loan with a bank



name of account when an increase in assets (cash or accounts receivable) resulting from the sale of a
product or service - ANSWERSrevenue



the cost of assets consumed or services used in the process of generating revenues - ANSWERSexpenses



resources owned or used by the business - ANSWERSassets



the right to receive money in the future - ANSWERSaccounts receivable



when expenses exceed revenues - ANSWERSnet loss

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