Acct 229 - Study guides, Class notes & Summaries

Materiality CORRECT ANSWER The dollar magnitude of the transaction makes a difference in how it is recorded. Record as an expense not an asset. No party would be mislead. Ex. buying a 10 dollar trash can Monetary Unit CORRECT ANSWER Only transactions that can be expresses in terms of money can be included in the accounting records. Time Period Assumption CORRECT ANSWER The long life of a company can be reported over a series of shorter time periods. Makes it possible to prepare the income...

TAMU ACCT 229 - Exam 1 Questions and Answers 3 types of businesses -Answer-sole proprietorship, partnership, corporation unlimited liability -Answer-sole proprietorship & partnership limited liability -Answer-corporation Sole Proprietorship -Answer-one owner advantage: easy to form separate entity for accounting purposes not a separate entity for legal purposes or tax purposes Partnership -Answer-two or more owners separate entity for accounting purposes not a separate entity for legal...

TAMU ACCT 229 Exam 1Questions And Answers 100% Solved

TAMU ACCT 229 - Exam 1 Questions and Answers Graded A+3 types of businesses sole proprietorshi p, partnership, corporation unlimited liability sole proprietorship & partnership limited liability corporation Sole Proprietorship one owner advantage: easy to form separate entity for accounting purposes not a separate entity for legal purposes or tax purposes Partnership two or more owners separate entity for accounting purposes not a separate entity for legal or tax purposes Corporati...

TAMU ACCT 229 - Exam 1 Study Guide 2024 with complete solution

ACCT 229 TAMU Unit 1 (Ch 1-4)

TAMU ACCT 229 Exam 1Questions And Answers 100% Solved

business CORRECT ANSWER all activities necessary to provide the members of an economic system with goods and services 3 forms of business organization CORRECT ANSWER -sole proprietorship -partnership -corporation sole proprietorship CORRECT ANSWER one owner advantage: easy to form disadvantage: unlimited liability by the owner partnership CORRECT ANSWER two or more owners; profits or losses are divided among the owners advantage: easy to form disadvantage: unlimited liabilitiy ...

TAMU ACCT 229 - Exam 1 Latest 2023 Already Passed 3 types of businesses sole proprietorship, partnership, corporation unlimited liability sole proprietorship & partnership limited liability corporation Sole Proprietorship one owner advantage: easy to form separate entity for accounting purposes not a separate entity for legal purposes or tax purposes Partnership two or more owners separate entity for accounting purposes not a separate entity for legal or tax purposes Corporations business i...

TAMU ACCT 229 - Exam 1 Questions and Answers 3 types of businesses -Answer-sole proprietorship, partnership, corporation unlimited liability -Answer-sole proprietorship & partnership limited liability -Answer-corporation Sole Proprietorship -Answer-one owner advantage: easy to form separate entity for accounting purposes not a separate entity for legal purposes or tax purposes Partnership -Answer-two or more owners separate entity for accounting purposes not a separate entity for legal...