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ACCT 2001 Final Exam Study Guide (got 96%)

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Louisiana State University
ACCT 2001

Chapter1Forms of BusinessProprietorshipGenerally owned by one personSimple to establishOwner controlledTax advantagesPartnershipSimple to establishShared controlBroader skills and resourcesTax advantagesCorporationEasier to transfer ownershipEasier to raise fundsNo personal liabilityBusiness activitiesFinancingTwo primary sources of outside funds are 1Borrowing moneyAmounts owed are called liabilitiesParty to whom amounts are owed are creditorsNotes payable and bonds payable are different type of liabilities2Issuing shares of stock for cash Payments to stockholders are called dividendsInvestingPurchase of resources a company needs in orderto operateComputers delivery trucks furniture buildings etcResources owned by a business are called assetsOperatingOnce a business has the assets it needs it can begin its operationsRevenuesAmounts earned from the sale of products sales revenue service revenue and interest revenueInventoryGoods available for sale to customersAccounts receivableRight to receive money from a customerin the future as the result of a saleExpensescost of assets consumed or services usedcost of goods sold selling marketing administrative interest and income taxes expenseLiabilities arising from expenses include accounts payable interest payable wages payable sales taxes payable and income taxes payable Net incomewhen revenues exceed expensesNet losswhen expenses exceed revenues4 Financial Statements
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