Tulane ACCN-2010 Test 1Tulane
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Tulane ACCN-2010
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Tulane ACCN-2010 Test 1Tulane
Chapters
ACCN-2010
1–4 Study
TestGuide
1Tulane
Chapters
and
ACCN-2010
Practice
1–4 Study
Exam
TestGuide
Questions
1 Chapters
and Practice
with
1–4
Answers.pdf
Study
ExamGuide
Questions
and Practice
with Answers.pdf
Exam Questions with Answers.pdf
,Tulane ACCN-2010 Test 1 (Chapters 1-4).pdf Tulane ACCN-2010 Test 1 (Chapters 1-4).pdf Tulane ACCN-2010 Test 1 (Chapters 1-4).pdf
Sole Proprietorship -a business owned by one person
-simple to set up and gives you control over the business
Partnership a business owned by two or more persons associated as partners
Corporation a business organized as a separate legal entity owned by stockholders
Accounting the information system that identifies, records, and communicates the economic
events of an organization to interested users
Internal Users of Accounting Information managers who plan, organize, and run a business (ex. Marketing managers,
production supervisors, finance directors, and company officers)
Tulane ACCN-2010 Test 1 (Chapters 1-4).pdf Tulane ACCN-2010 Test 1 (Chapters 1-4).pdf Tulane ACCN-2010 Test 1 (Chapters 1-4).pdf
, Tulane ACCN-2010 Test 1 (Chapters 1-4).pdf Tulane ACCN-2010 Test 1 (Chapters 1-4).pdf Tulane ACCN-2010 Test 1 (Chapters 1-4).pdf
External Users of Accounting Information -Investors
-Creditors (such as suppliers and bankers use accounting information to evaluate
the risks of selling on credit or lending money)
-Taxing authorities (ex. IRS)
-Customers
-Labor unions
-Regulatory agencies (ex. Securities and Exchange Commission; Federal Trade
Commission)
Sarbanes-Oxley Act (SOX) -Passed by congress to reduce unethical corporate behavior and decrease the
likelihood of future corporate scandals
-Top management must now certify the accuracy of financial information
-Penalties for fraudulent financial activity are much more severe
-Increased both the independence of the outside auditors who review the accuracy
of corporate financial statements and the oversight role of boards of directors
The two primary sources of outside funds for corporations ...borrowing money (debt financing) and issuing (selling) shares of stock in
are... exchange for cash (equity financing)
Liabilities -Amounts owed to creditors in the form of debt and other obligations
-Notes payable
-Bonds payable (debt securities sold to investors that must be repaid at a particular
date some years in the future)
Common Stock the term used to describe the total amount paid in by stockholders for the shares
they purchase
Tulane ACCN-2010 Test 1 (Chapters 1-4).pdf Tulane ACCN-2010 Test 1 (Chapters 1-4).pdf Tulane ACCN-2010 Test 1 (Chapters 1-4).pdf
Chapters
ACCN-2010
1–4 Study
TestGuide
1Tulane
Chapters
and
ACCN-2010
Practice
1–4 Study
Exam
TestGuide
Questions
1 Chapters
and Practice
with
1–4
Answers.pdf
Study
ExamGuide
Questions
and Practice
with Answers.pdf
Exam Questions with Answers.pdf
Tulane ACCN-2010
Test 1 Chapters
1–4 Study Guide
and Practice Exam
Questions with
Answers
Tulane ACCN-2010 Test 1Tulane
Chapters
ACCN-2010
1–4 Study
TestGuide
1Tulane
Chapters
and
ACCN-2010
Practice
1–4 Study
Exam
TestGuide
Questions
1 Chapters
and Practice
with
1–4
Answers.pdf
Study
ExamGuide
Questions
and Practice
with Answers.pdf
Exam Questions with Answers.pdf
,Tulane ACCN-2010 Test 1 (Chapters 1-4).pdf Tulane ACCN-2010 Test 1 (Chapters 1-4).pdf Tulane ACCN-2010 Test 1 (Chapters 1-4).pdf
Sole Proprietorship -a business owned by one person
-simple to set up and gives you control over the business
Partnership a business owned by two or more persons associated as partners
Corporation a business organized as a separate legal entity owned by stockholders
Accounting the information system that identifies, records, and communicates the economic
events of an organization to interested users
Internal Users of Accounting Information managers who plan, organize, and run a business (ex. Marketing managers,
production supervisors, finance directors, and company officers)
Tulane ACCN-2010 Test 1 (Chapters 1-4).pdf Tulane ACCN-2010 Test 1 (Chapters 1-4).pdf Tulane ACCN-2010 Test 1 (Chapters 1-4).pdf
, Tulane ACCN-2010 Test 1 (Chapters 1-4).pdf Tulane ACCN-2010 Test 1 (Chapters 1-4).pdf Tulane ACCN-2010 Test 1 (Chapters 1-4).pdf
External Users of Accounting Information -Investors
-Creditors (such as suppliers and bankers use accounting information to evaluate
the risks of selling on credit or lending money)
-Taxing authorities (ex. IRS)
-Customers
-Labor unions
-Regulatory agencies (ex. Securities and Exchange Commission; Federal Trade
Commission)
Sarbanes-Oxley Act (SOX) -Passed by congress to reduce unethical corporate behavior and decrease the
likelihood of future corporate scandals
-Top management must now certify the accuracy of financial information
-Penalties for fraudulent financial activity are much more severe
-Increased both the independence of the outside auditors who review the accuracy
of corporate financial statements and the oversight role of boards of directors
The two primary sources of outside funds for corporations ...borrowing money (debt financing) and issuing (selling) shares of stock in
are... exchange for cash (equity financing)
Liabilities -Amounts owed to creditors in the form of debt and other obligations
-Notes payable
-Bonds payable (debt securities sold to investors that must be repaid at a particular
date some years in the future)
Common Stock the term used to describe the total amount paid in by stockholders for the shares
they purchase
Tulane ACCN-2010 Test 1 (Chapters 1-4).pdf Tulane ACCN-2010 Test 1 (Chapters 1-4).pdf Tulane ACCN-2010 Test 1 (Chapters 1-4).pdf
