ACG 201 Final Exam UNCW with all Correct & 100%
Verified Answers |Latest Version |Already Graded A+
1. Sole
-Business owned by one person
Proprietor-
-most common of 3 forms
ship
-advantage: ease of formation
-certain tax advantages(income of business not taxed)
-income included in owners income
-not legal entity
-limited life
2. Partnership -voluntary association of 2 or more people to conduct a business
-can be as small as 2 people or hundreds/ thousands of partners
-broader skill set that multiple partners can bring to a business
-same income tax advantage as sole proprietorship
-not legal entity
-Limited life
3. Corporation -Can have 1 owner, but most have many owners
-Owners receive stock as evidence of ownership interest in the business
-Business taxed AND owners taxed
-Separate legal entity
-Unlimited life
4. Retained Retained earnings(BOP) + net income - dividends and other = retained
Earn-ings
earnings (EOP)
Calculation
5. Accounting Equa- Assets= Liabilities + Stockholders equity
tion
6. 4 types of 1. Balance Sheet
finan-cial
2. Income Statement
statements
3. Statement of Stockholders equity
4. Statement of cash flows
, ACG 201 Final Exam UNCW with all Correct & 100%
Verified Answers |Latest Version |Already Graded A+
7. Assets, liabilities and stockholders equity (as of a given date)
, ACG 201 Final Exam UNCW with all Correct & 100%
Verified Answers |Latest Version |Already Graded A+
Components of a
Balance Sheet
8. ComponentsRevenues, expenses (for a given time period)
of an Income
State-ment
9. Components
change in common stock and retained earnings
of a
Statement of
Stockholders
Eq-uity
10. ComponentsCash inflows and outflows from :
of a 1. Operating activities
Statement of 2. Investing activities
cash flows 3. Financing
activities (during a given
time period)
11. Materiality An accounting guideline that states that insignificant data that would
not attect a financial statement user's decisions may be recorded in
the most expedient manner
12. Transactio -Determines what information(if any) must be recorded in a company's
n Analysis
accounting records
-Only items that can be expressed in monetary terms are recorded in
financial statements
-Uses the accounting equation
13. Effects of
-Debits on the left, credits on the right
debits and
credits -Must balance (what you do to one side, have to do to the other)
Verified Answers |Latest Version |Already Graded A+
1. Sole
-Business owned by one person
Proprietor-
-most common of 3 forms
ship
-advantage: ease of formation
-certain tax advantages(income of business not taxed)
-income included in owners income
-not legal entity
-limited life
2. Partnership -voluntary association of 2 or more people to conduct a business
-can be as small as 2 people or hundreds/ thousands of partners
-broader skill set that multiple partners can bring to a business
-same income tax advantage as sole proprietorship
-not legal entity
-Limited life
3. Corporation -Can have 1 owner, but most have many owners
-Owners receive stock as evidence of ownership interest in the business
-Business taxed AND owners taxed
-Separate legal entity
-Unlimited life
4. Retained Retained earnings(BOP) + net income - dividends and other = retained
Earn-ings
earnings (EOP)
Calculation
5. Accounting Equa- Assets= Liabilities + Stockholders equity
tion
6. 4 types of 1. Balance Sheet
finan-cial
2. Income Statement
statements
3. Statement of Stockholders equity
4. Statement of cash flows
, ACG 201 Final Exam UNCW with all Correct & 100%
Verified Answers |Latest Version |Already Graded A+
7. Assets, liabilities and stockholders equity (as of a given date)
, ACG 201 Final Exam UNCW with all Correct & 100%
Verified Answers |Latest Version |Already Graded A+
Components of a
Balance Sheet
8. ComponentsRevenues, expenses (for a given time period)
of an Income
State-ment
9. Components
change in common stock and retained earnings
of a
Statement of
Stockholders
Eq-uity
10. ComponentsCash inflows and outflows from :
of a 1. Operating activities
Statement of 2. Investing activities
cash flows 3. Financing
activities (during a given
time period)
11. Materiality An accounting guideline that states that insignificant data that would
not attect a financial statement user's decisions may be recorded in
the most expedient manner
12. Transactio -Determines what information(if any) must be recorded in a company's
n Analysis
accounting records
-Only items that can be expressed in monetary terms are recorded in
financial statements
-Uses the accounting equation
13. Effects of
-Debits on the left, credits on the right
debits and
credits -Must balance (what you do to one side, have to do to the other)
