ACCT 200 Study Guide - Midterm Guide: Historical Cost, Seta, Accounting Equation
Document Summary
You need to bring to the exam: leads, and erasers: a pencil. You may not use pen on scan forms. Bring a backup pencil: a working calculator. If you bring an illegal calculator, it will be taken from you. If you are found working on your test with an illegal calculator, you will be considered to have been cheating: a photo i. d. Your exam will not be graded until we have verified your identity. Be able to identify the four organizational forms of businesses and the advantages and. Be able to identify the three types of businesses. Proprietorship-owned by an individual, 70% of united states businesses. Partnership-owned by two or more individuals or entities. Corporation-legal entity separate from its owners (stockholders) limited. Limited liability company (llc)-legal entity separate from its owners (members) lower cost than competitors. Disadvantages: limited financial resources, owner is 100% liable for debt, and. Advantages: easy and inexpensive to organize, generally more financial.
