BUS A200 financial final
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Practice questions for this set
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common stock (beginning CS + earned CS= change in CS), retained earnings
(net income - dividends (temporary account) = RE)
Choose an answer
Accounts reported on cash flow
1 2 Accounts reported on balance sheet
statement
Accounts reported on income Accounts reported on statement of
3 4
statement stockholder's equity
Don't know?
, Accounting information system that reports on economic
activities and financial condition of a business or
other organization
primary users of financial accounting External users such as investors, lawyers, financial
analysts
primary users of managerial internal users such as managers and employees
accounting
main types of business entities Proprietorship: most common, one owner, one
source of funds, dies with the owner, unlimited
liability
Partnership: minimum of two partners, unlimited
liability
Corporation: more capital, limited liability,
perpetual existence, double taxation
interests of shareholders vs interests Shareholders: dividends, stock value, voting rights
of creditors Creditors: interest, loan repayment, no voting
rights
The accounting equation (main Assets = liabilities + common stock + retained
categories) earnings
Assets = liabilities + stockholder's equity
Assets = claims
Accounts reported on balance sheet assets, liabilities, common stock, retained earnings
Accounts reported on income Revenue (temporary account), expenses
statement (temporary account), net income/loss
Edit Save
Practice questions for this set
Learn 1 /7 Study using Learn
common stock (beginning CS + earned CS= change in CS), retained earnings
(net income - dividends (temporary account) = RE)
Choose an answer
Accounts reported on cash flow
1 2 Accounts reported on balance sheet
statement
Accounts reported on income Accounts reported on statement of
3 4
statement stockholder's equity
Don't know?
, Accounting information system that reports on economic
activities and financial condition of a business or
other organization
primary users of financial accounting External users such as investors, lawyers, financial
analysts
primary users of managerial internal users such as managers and employees
accounting
main types of business entities Proprietorship: most common, one owner, one
source of funds, dies with the owner, unlimited
liability
Partnership: minimum of two partners, unlimited
liability
Corporation: more capital, limited liability,
perpetual existence, double taxation
interests of shareholders vs interests Shareholders: dividends, stock value, voting rights
of creditors Creditors: interest, loan repayment, no voting
rights
The accounting equation (main Assets = liabilities + common stock + retained
categories) earnings
Assets = liabilities + stockholder's equity
Assets = claims
Accounts reported on balance sheet assets, liabilities, common stock, retained earnings
Accounts reported on income Revenue (temporary account), expenses
statement (temporary account), net income/loss
