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Midterm Study Guide

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Ryerson University
ACC 100
Walter Krystia

P a g e 1 Financial Accounting Mid-Term Review Chapter 1 Learning Objectives 1. Distinguish among the forms of organizations (p. 6) a. Corporations An entity organized under the laws of a government. Ownership is evidenced by shares. b. Proprietorships Business with a single owner. c. Partnerships Business owned by two or more individuals and with the characteristic of unlimited liability. d. Non-business Organization operating for another purpose other than profit. 2. Describe the various types of business activities (p. 8) a. Financing Sources of cash i. Capital stock Owners contributions to a corporation. b. Investing Uses of cash to procure future benefits (assets) c. Operating Cash flows from operating activities 3. Identify the users of accounting information and their needs (p. 11) a. The primary users of financial statements are those who depend upon the economic information conveyed in those statements to make decisions. Primary users may be broadly classified as internal users and those external to the company. i. Internal users are usually managers of companies. ii. External users include shareholders, investors, creditors, and government agencies.
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