ACCOUNTING 211 Liberty University -ACCT 211 Quiz 1 fully solved to pass

ACCT 211 Quiz 1Accounting is also known as... - correct answer The language of business Accounting - correct answer An information system and measurement system that identifies, records, and communicates information about an organization's business activities Managerial Accounting - correct answer Area of accounting aimed mainly at serving the decision-making needs of internal users; also called the management accounting Ethics - correct answer beliefs that distinguish right from wrong GAAP (Generally Accepted Accounting Principles) - correct answer aims to make information relevant, reliable, and comparable Proprietorship - correct answer Business that is owned by one person that is not organized as a corporation; also called sole proprietorship Partnership - correct answer Business owned by two or more people who are jointly liable for tax and other obligations Corporation - correct answer Business legally separate from its owner, meaning it is responsible for its own acts and its own debts Shareholders - correct answer owners of a corporation Accounting Equation - correct answer Assets = Liabilities + Equity Assets - correct answer resources owned by a business