Study Guides (248,683)
Canada (121,693)
Accounting (369)
ACC 100 (188)

Midterm Study Guide

10 Pages

Course Code
ACC 100
Walter Krystia

This preview shows pages 1,2 and half of page 3. Sign up to view the full 10 pages of the document.
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.
More Less
Unlock Document

Only pages 1,2 and half of page 3 are available for preview. Some parts have been intentionally blurred.

Unlock Document
You're Reading a Preview

Unlock to view full version

Unlock Document

Log In


Join OneClass

Access over 10 million pages of study
documents for 1.3 million courses.

Sign up

Join to view


By registering, I agree to the Terms and Privacy Policies
Already have an account?
Just a few more details

So we can recommend you notes for your school.

Reset Password

Please enter below the email address you registered with and we will send you a link to reset your password.

Add your courses

Get notes from the top students in your class.