5/5/26, 8:22 AM ACG 2021 Patterson FSU Exam 1 Complete Test , Practice Questions, Verified Answer Key, and Study Guide for (Latest 2026 Editio…
ACG 2021 Patterson FSU Exam 1 Complete Test ,
Practice Questions, Verified Answer Key, and
Study Guide for (Latest 2026 Edition)
Save
Practice questions for this set
Learn 1 /7 Study with Learn
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.
https://quizlet.com/1176609932/acg-2021-patterson-fsu-exam-1-complete-test-practice-questions-verified-answer-key-and-study-guide-for-latest-202… 1/13
, 5/5/26, 8:22 AM ACG 2021 Patterson FSU Exam 1 Complete Test , Practice Questions, Verified Answer Key, and Study Guide for (Latest 2026 Editio…
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.
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.
https://quizlet.com/1176609932/acg-2021-patterson-fsu-exam-1-complete-test-practice-questions-verified-answer-key-and-study-guide-for-latest-202… 2/13
ACG 2021 Patterson FSU Exam 1 Complete Test ,
Practice Questions, Verified Answer Key, and
Study Guide for (Latest 2026 Edition)
Save
Practice questions for this set
Learn 1 /7 Study with Learn
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.
https://quizlet.com/1176609932/acg-2021-patterson-fsu-exam-1-complete-test-practice-questions-verified-answer-key-and-study-guide-for-latest-202… 1/13
, 5/5/26, 8:22 AM ACG 2021 Patterson FSU Exam 1 Complete Test , Practice Questions, Verified Answer Key, and Study Guide for (Latest 2026 Editio…
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.
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.
https://quizlet.com/1176609932/acg-2021-patterson-fsu-exam-1-complete-test-practice-questions-verified-answer-key-and-study-guide-for-latest-202… 2/13
