ACCY 201 Quiz 1 || 100% SOLVED.

ACCY 201 Quiz 1 || 100% SOLVED.
corporation correct answers a business enterprise that raises money by issuing shares of
stock, easy to transfer ownership, easier to raise funds, no personal liability

creditor correct answers a party to whom a business owes money, cars salesmen, bank ect..

accounts receivable correct answers right to receive money from a customer in the future
from a sale

partnership correct answers a business that is owned jointly by two or more people but does
not issue stock, simple to establish, shared control, broader skills and resources, tax
advantages

stockholder correct answers a party that invests in common stock

common stock correct answers the portion of a stockholders equity that results from receiving
cash from investors

accounts payable correct answers obligations to suppliers of goods

auditor's opinion correct answers an expression about whether financial statements conform
with generally accepted accounting principles

accounts payable (what is it) correct answers liability, operating activity

accounts receivable (what is it) correct answers asset, operating activity

equipment, property, plant correct answers asset, investing activity

sales revenue correct answers revenue, operating activity

service revenue correct answers revenue, operating activity

inventory correct answers asset, operating activity

mortgage payable correct answers liability, financing activity

supplies expense correct answers expense, operating activity

rent expense correct answers expense, operating activity

salaries and wages expense correct answers expense, operating activity

retained earnings correct answers stockholders equity

cost of goods sold correct answers expense

cash correct answers asset