Acg 2021 - Study guides, Class notes & Summaries

Accounting is the information system that A. measures business activity. B. communicates the results to decision makers. C. processes information into reports. D. All of the above all of the above Which of the following is not an external user of a business's financial information? A. Taxing authorities B. Customers C. Employee D. Investors employee Generally Accepted Accounting Principles (GAAP) are currently formulated by the A. Financial Accounting Standards Board (FASB). B. Securities and...

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ACG 2021 ch 1 quiz; Questions & Answers 100% Correct The sole proprietorship form of business organization CORRECT ANSWER-generally receives favorable tax treatment relative to a corporation Which forms of business organization have owners called stockholders? CORRECT ANSWER-Only corporations What section of a cash flows statement shows the amount of cash collected from customers during the most recent accounting period? CORRECT ANSWER-The operating section

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ACG 2021- Chapter 1- Account identification; Questions & Answers 100% Pass What is the definition of asset? CORRECT ANSWER-An economic resource that is expected to benefit the business in the future. Something of value that the business owns. What is the definition of liability? CORRECT ANSWER-Debts that are owed to creditors. Something the business owes. What is the definition of equity? CORRECT ANSWER-The owner's claim to assets. What is the definition of revenue? CORRECT ANSWER-Earn...

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