Quiz
ACC 201 In-class Notes Practice
This quiz has question types that open in the usual player.
Questions in this quiz (6)
1Forms of Business Organizations: Sole Proprietorship
Sole Proprietorship:
- simple to [blank_start]establish[blank_end]
-[blank_start]owner[blank_end] controlled
-tax [blank_start]advantages[blank_end]
-no need to [blank_start]file[blank_end] formal documentation
-treated as a flow [blank_start]through[blank_end] income, not taxed at business level
-harder to get [blank_start]funding[blank_end]
-harder to [blank_start]transfer[blank_end] ownership
-[blank_start]unlimited[blank_end] liability
-creditors can go after [blank_start]personal[blank_end] assets- Aestablish
- Bowner
- Cadvantages
- Dfile
- Ethrough
- Ffunding
- Gtransfer
- Hunlimited
- Ipersonal
2Forms of business organizations: Partnership
Partnership
-simple to [blank_start]establish[blank_end]
-shared [blank_start]control[blank_end] (at least 2)
-broader [blank_start]skills[blank_end] and resources
-tax [blank_start]advantages[blank_end]
-no formal filings
-flow through entity
-difficult to get [blank_start]funding[blank_end] and transfer ownership
General Partner(ship) - GP - [blank_start]unlimited[blank_end] liability
Limited Partner(ship) - LP
-at least one GP while others can be LP
-goes after GP assets instead of LP
-GP can be involved in [blank_start]management[blank_end], LP can't- Aestablish
- Bcontrol
- Cskills
- Dadvantages
- Efunding
- Funlimited
- Gmanagement
3Forms of business organizations: Corporation
Corporation
- easier to [blank_start]transfer[blank_end] ownership
- easier to raise [blank_start]funds[blank_end]
- no personal liability
- [blank_start]limited[blank_end] liability
- subject to [blank_start]government[blank_end] regulations and [blank_start]state[blank_end] law requirements
- taxes on dividends and potential for [blank_start]double[blank_end] taxation- Atransfer
- Bfunds
- Climited
- Dgovernment
- Estate
- Fdouble
4Hybrid business forms: combination of corporation and flow throughs
S Corporation
- meant for [blank_start]small[blank_end] businesses
- [blank_start]limited[blank_end] liability
- flow through entity
Limited Liability Companies
- has members
- subject to certain state requirements
- [blank_start]limited[blank_end] liabilities
- flow through entity- Asmall
- Blimited
- Climited
5Users and Uses of Financial Information
Internal Users - [blank_start]within[blank_end] the organization itself
- management
- human resources
- marketing
-finance
- these 4 need info from accounting to make [blank_start]decisions[blank_end]
- uses financial statements
External Users - users of financial statement [blank_start]outside[blank_end] of organization but might have a direct interest in the company
- investors
- creditors
- regulatory agencies
- tax authorities
- consumers- Awithin
- Bdecisions
- Coutside
6Ethics in Financial Reporting: Enron, WorldCom, etc
Sarbanes-Oxley Act (SOX)
- management is required to certify [blank_start]accuracy[blank_end] of financial statements (more accountability)
- stiffer [blank_start]fines[blank_end] and penalties
- auditors are required to have increased [blank_start]independence[blank_end]
- greater [blank_start]oversight[blank_end], board directors have more accountability
Solving an ethical dilemma
1. [blank_start]recognize[blank_end] an ethical situation and the ethical issues involved
2. identify and [blank_start]analyze[blank_end] the principal elements in the situation
3. Identify [blank_start]alternatives[blank_end] an weigh the impact of each on various stakeholders- Aaccuracy
- Bfines
- Cindependence
- Doversight
- Erecognize
- Fanalyze
- Galternatives
Information
- Description
- This is a practice quiz based off of the notes I took in class.
- Author
- Cindy Nguyen
- Language
- English
- Views
- 37
- Tags
- Rating
- No ratings yet Rate this quiz