Acct 229 - Study guides, Class notes & Summaries

ACCT 229 TAMU Exam 1 UPDATED ACTUAL Questions and CORRECT Answers 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 owne

Acct 229 Final TAMU Latest 2023 Already Passed Materiality 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 Only transactions that can be expresses in terms of money can be included in the accounting records. Time Period Assumption The long life of a company can be reported over a series of shorter time periods. Makes it possible to prepare the income st...

ACCT 229 TAMU Unit 1 (ch. 1-4) Already Passed business all activities necessary to provide the members of an economic system with goods and services 3 forms of business organization -sole proprietorship -partnership -corporation sole proprietorship one owner advantage: easy to form disadvantage: unlimited liability by the owner partnership two or more owners; profits or losses are divided among the owners advantage: easy to form disadvantage: unlimited liabilitiy corporation business incorpo...

ACCT 229 Exam 3 Latest Update with Certified Solutions liabilities >debts or obligations from past transactions >current: mature in less than 1 year >considered riskier than equity from company perspective >liabilities measured at their current cash equivalent current liabilities expected to be paid using a current asset, and within one year working capital current assets - current liabilities current ratio Current assets/current liabilities types of current liabilities -accounts...

ACCT 229 TAMU Exam (Latest 2024/ 2025 Update) Questions and Verified Answers| 100% Correct| Grade A+ 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...

TAMU ACCT 229 Exam 1Questions And Answers 100% Solved 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 Co...

ACCT 229 Exam 1 (Knoop) Latest Update Rated A Statement of Retain Earnings Equation BRE +Net Income -Dividends = ERE Order of Financial Statements 1. Income Statement 2. Statement of Retained Earnings 3. Balance Sheet 4. Cash Flows Economic Entity business transactions are separate from transactions of owners Going concern company will continue to operate in foreseeable future Monetary Unit all information will be measure in its national currency Time Period Assumption long life of a compan...

TAMU ACCT 229 - Exam 1 UPDATED ACTUAL Questions and CORRECT Answers 3 types of businesses - CORRECT ANSWER- sole proprietorship, partnership, corporation unlimited liability - CORRECT ANSWER- sole proprietorship & partnership limited liability - CORRECT ANSWER- corporation Sole Proprietorship - CORRECT ANSWER- one own

ACCT 229 - Exam 2 Latest 2023 Already Graded A Inventory Goods held for resale. Reported as a current asset on the balance sheet. COGS The amount we paid for goods we have sold. Reported as an expense on the income statement. 2 methods for accounting for inventories: Perpetual and Periodic methods Perpetual Method This method for accounting for inventories is used in companies with low volume, high priced goods. It keeps a running total of the inventory on hand and recognizes a loss. Periodi...

What consists of the policies and procedures necessary to ensure Operations, Reporting, and Compliance Objectives? CORRECT ANSWER Internal Control System What ensures the safeguarding of a company's assets & making sure operations are effective and efficient; Making sure Day-to-Day operations continue uninterrupted? CORRECT ANSWER Operations Objectives What ensures the reliability of accounting records; SOX and GAAP? CORRECT ANSWER Reporting Objectives What ensures compliance with laws ...