BUS-A200 Exam 1 Study Guide
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Practice questions for this set
Learn 1 /7 Study using Learn
How long is an accounting period?
Choose an answer
it can vary depending on what
1 information is needed (i.e. it can be 2 it is always a fixed annual cycle
monthly, quarterly, annually, etc.)
it is determined by tax filing
3 4 it is standardized as a weekly interval
deadlines
Don't know?
, dividends Resource owners provide resources to companies
who convert the resources into profits for the
owners. When a company DISTRIBUTES profits to
the owners this is called:
to provide relevant and reliable The primary objective of accounting is
information to decision makers
GAAP - Generally Accepted The rules of accounting that govern how financial
Accounting Principles reports are prepare for companies in the United
States are called
corporation Which type of legal entity provides limited liability
to the owners (meaning the owners cannot be
sued for the company's debts)?
Public corporation What do you call a company in which anyone can
purchase shares of stock and become an owner?
the business In A200 we will primarily focus on the financial
reports of which entity?
Smith Carpet Cleaning Inc. John Smith owns Smith Carpet Cleaning Inc. Smith
Inc. purchases materials and supplies from Lowes
and Home Depot. When the company began,
Smith Inc. borrowed $10,000 from Chase Bank.
Smith has 10 regular customers and 3 employees. If
an exam question asks about the effect of a
transaction on the "business", which business
should you assume is the focus of the question?
corporation What type of legal organization provides "limited
liability" for the owners?
Edit Save
Practice questions for this set
Learn 1 /7 Study using Learn
How long is an accounting period?
Choose an answer
it can vary depending on what
1 information is needed (i.e. it can be 2 it is always a fixed annual cycle
monthly, quarterly, annually, etc.)
it is determined by tax filing
3 4 it is standardized as a weekly interval
deadlines
Don't know?
, dividends Resource owners provide resources to companies
who convert the resources into profits for the
owners. When a company DISTRIBUTES profits to
the owners this is called:
to provide relevant and reliable The primary objective of accounting is
information to decision makers
GAAP - Generally Accepted The rules of accounting that govern how financial
Accounting Principles reports are prepare for companies in the United
States are called
corporation Which type of legal entity provides limited liability
to the owners (meaning the owners cannot be
sued for the company's debts)?
Public corporation What do you call a company in which anyone can
purchase shares of stock and become an owner?
the business In A200 we will primarily focus on the financial
reports of which entity?
Smith Carpet Cleaning Inc. John Smith owns Smith Carpet Cleaning Inc. Smith
Inc. purchases materials and supplies from Lowes
and Home Depot. When the company began,
Smith Inc. borrowed $10,000 from Chase Bank.
Smith has 10 regular customers and 3 employees. If
an exam question asks about the effect of a
transaction on the "business", which business
should you assume is the focus of the question?
corporation What type of legal organization provides "limited
liability" for the owners?
