UHD BCAT exam 2023 with 100% correct answers

financial accounting - correct answera system of processing financial data for a company with the purpose of producing a set of financial statements which investors and creditors can use to make financial decisions. financial statements - correct answera short report that disclose information about various aspects of a company, including the balance sheet, income statement and cash flow statement Asset - correct answeranything of value owned by the company Balance sheet - correct answermeasures the company's financial position at a particular point in time by listing assets and liabilities and showing the difference as owners equity liability - correct answeran obligation to either pay out assets or perform services owners equity - correct answerresidual ownership of the assets (assets - liabilities) income statement - correct answermeasures company's performance over a given period of time Accural Accounting - correct answerA type of accounting that recognizes incomes when they are earned and expenses when they are incurred, rather than when they are received or paid. Expenses - correct answercost of goods sold or serviced performed four basics of financial statements - correct answerincome statement (statement of operations) statement of retained earnings Balance sheet Statement of cash flows Define accounting - correct answerThe information system that identifies, records, and communicates the economic events of an organization to interested users. what are the four forms of businesses - correct answerproprietorship, partnership, llc, and corporation What is a proprietorship - correct answerIt is a business owned by one person. What is a partne