Accounting 2401

What is Accounting?: Accounting is the language of business; it is a standardset of rules for measuring a company's financial performance. Assessing a company's financial performance is important for:The firm's officers (managers and employees) Investors Lenders General public Standard financial statements serve as a "yardstick" of communicating financialperformance to the general public. 2. Why is Accounting Important?: Enables managers to make corporate deci-sions Enables the gene...

Accounting 2401 Final Exam Study Guide 2023 A profit making business operating as a separate legal entity and in which ownership is divided into shares of stock is known as: A CORPORATION The resources owned by a business are called: ASSETS A listing of a business entity’s assets, liabilities, and stockholder’s equity as of a specific date is a : BALANCE SHEET If total assets increased $20,000 during a period and total liabilities increased $12,000 during the same period, the amount ...