5/5/26, 8:00 AM ACG 2021 Patterson FSU Exam 1 comprehensive questions fully solved & updated (Latest Update 2026) UPDATE!! Flashcards | Qu…
ACG 2021 Patterson FSU Exam 1 comprehensive
questions fully solved & updated (Latest Update
2026) UPDATE!!
Save
Terms in this set (103)
Sole proprietorship A business owned by one person. Simple to set up
and gives you control.
Partnership A business owned by two or more persons who are
associated. Partners bring unique skills and
sometimes the individuals don't have enough
resources on their own.
Corporation A business organized as a separate legal entity
owned by stockholders. Anyone can become an
owner via stocks. Stocks are easy to sell. Easy to
raise funds to due to sale of stock.
Taxes and Legal liability The three different forms of business organization
have different tax rates and legal liabilities based
on who owns the business.
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, 5/5/26, 8:00 AM ACG 2021 Patterson FSU Exam 1 comprehensive questions fully solved & updated (Latest Update 2026) UPDATE!! Flashcards | Qu…
Accounting; Information system that
identifies, records, and
communicates the economic events
of an organization to interested
users.
Users; People who utilise accounting
systems. There are two types.
Internal and External users.
Internal Users Managers who plan, organize and run a business.
Finance, marketing, HR, and management.
External Users Investors who use accounting information to make
decisions to buy, hold, or sell stock. Creditors use
this info to evaluate risk. Customers, Unions,
regulatory agencies, etc.
Taxing authorities External users like the IRS who use accounting info
to see if companies comply with laws.
Ethics in Financial Reporting Sarbanes Oxley Act (SOX) Management is held
responsible for accuracy of financial information.
Financing Activities Ways a business organization raises money or
capital. Two ways. Through creditors and common
stock.
Creditors People you owe money to. Like note or bond
payable. Taking a loan from a bank.
Common Stock Total amount paid in by stockholders for the shares
they purchase. Selling stock to raise money.
https://quizlet.com/1176606271/acg-2021-patterson-fsu-exam-1-comprehensive-questions-fully-solved-updated-latest-update-2026-update-flash-card… 2/12
ACG 2021 Patterson FSU Exam 1 comprehensive
questions fully solved & updated (Latest Update
2026) UPDATE!!
Save
Terms in this set (103)
Sole proprietorship A business owned by one person. Simple to set up
and gives you control.
Partnership A business owned by two or more persons who are
associated. Partners bring unique skills and
sometimes the individuals don't have enough
resources on their own.
Corporation A business organized as a separate legal entity
owned by stockholders. Anyone can become an
owner via stocks. Stocks are easy to sell. Easy to
raise funds to due to sale of stock.
Taxes and Legal liability The three different forms of business organization
have different tax rates and legal liabilities based
on who owns the business.
https://quizlet.com/1176606271/acg-2021-patterson-fsu-exam-1-comprehensive-questions-fully-solved-updated-latest-update-2026-update-flash-card… 1/12
, 5/5/26, 8:00 AM ACG 2021 Patterson FSU Exam 1 comprehensive questions fully solved & updated (Latest Update 2026) UPDATE!! Flashcards | Qu…
Accounting; Information system that
identifies, records, and
communicates the economic events
of an organization to interested
users.
Users; People who utilise accounting
systems. There are two types.
Internal and External users.
Internal Users Managers who plan, organize and run a business.
Finance, marketing, HR, and management.
External Users Investors who use accounting information to make
decisions to buy, hold, or sell stock. Creditors use
this info to evaluate risk. Customers, Unions,
regulatory agencies, etc.
Taxing authorities External users like the IRS who use accounting info
to see if companies comply with laws.
Ethics in Financial Reporting Sarbanes Oxley Act (SOX) Management is held
responsible for accuracy of financial information.
Financing Activities Ways a business organization raises money or
capital. Two ways. Through creditors and common
stock.
Creditors People you owe money to. Like note or bond
payable. Taking a loan from a bank.
Common Stock Total amount paid in by stockholders for the shares
they purchase. Selling stock to raise money.
https://quizlet.com/1176606271/acg-2021-patterson-fsu-exam-1-comprehensive-questions-fully-solved-updated-latest-update-2026-update-flash-card… 2/12
