CSU205
CSU ACT ACT 2051Exam
Exam 1 Questions
Questions with Verified
with Verified Questions with
CSU
CSUACT
ACT205 205Exam
Exam 11Questions
Questions with
withVerified
VerifiedQuestions
Type of
QuestionsCORRECT
with AnswersAnswers
CORRECT (Grade A+)
(Grade A+)
Business with CORRECT
Organization Answers
- Sole (Grade A+)
Proprietorship - Simple to
establish - owner controlled Questions with CORRECT
Answers (Grade A+)
Question
Question1:1:
Type of Business Organization
Answer:
Sole Proprietorship
Question 2:
-Simple to establish
-owner controlled
-tax advantages
Type of Business Organization
Answer:
Partnerships
Question 3:
-simple to establish
-shared control
-broader skills and resources
-tax advantages
Type of Business Organization
Answer:
Corporations
Question 4:
-easier to transfer ownership
-easier to raise funds
-no personal liability
Primary users of accounting information
Answer:
,internal and external
Question 5:
internal users
Answer:
The organization's
Question 6:
executives, managers,
other employees
external users
Answer:
investors (i.e.,
Question 7:
stockholders), creditors
(i.e., lenders), regulators
internal users --> managerial accounting
Answer:
Focuses on the methods
Question 8:
accountants use to provide
information to the organization's
internal users
external users --> Financial accounting
Answer:
Deals with: 1) measuring business
Question 9:
activities; and 2) communicating
those measurements to the
organization's external users
One type of business activity
, Answer:
Financing Activities
Question 10:
-Raising the funds to
start the business
One type of business activity
Answer:
Operating Activities
Question 11:
-Generating income (profit)
via sales and services
One type of business activity
Answer:
Investing Activities
Question 12:
-Buying resources
(assets)
Cash transactions related to
financing activities
Answer:
Cash transactions related to
Question 13:
long-term debt and equity.
EX:
-Cash received from issuance of shares
of common stock
-Cash paid for dividends
-Cash received from a loan
-Cash paid to reduce loan principal
Cash transactions related to
investing activities
CSU ACT ACT 2051Exam
Exam 1 Questions
Questions with Verified
with Verified Questions with
CSU
CSUACT
ACT205 205Exam
Exam 11Questions
Questions with
withVerified
VerifiedQuestions
Type of
QuestionsCORRECT
with AnswersAnswers
CORRECT (Grade A+)
(Grade A+)
Business with CORRECT
Organization Answers
- Sole (Grade A+)
Proprietorship - Simple to
establish - owner controlled Questions with CORRECT
Answers (Grade A+)
Question
Question1:1:
Type of Business Organization
Answer:
Sole Proprietorship
Question 2:
-Simple to establish
-owner controlled
-tax advantages
Type of Business Organization
Answer:
Partnerships
Question 3:
-simple to establish
-shared control
-broader skills and resources
-tax advantages
Type of Business Organization
Answer:
Corporations
Question 4:
-easier to transfer ownership
-easier to raise funds
-no personal liability
Primary users of accounting information
Answer:
,internal and external
Question 5:
internal users
Answer:
The organization's
Question 6:
executives, managers,
other employees
external users
Answer:
investors (i.e.,
Question 7:
stockholders), creditors
(i.e., lenders), regulators
internal users --> managerial accounting
Answer:
Focuses on the methods
Question 8:
accountants use to provide
information to the organization's
internal users
external users --> Financial accounting
Answer:
Deals with: 1) measuring business
Question 9:
activities; and 2) communicating
those measurements to the
organization's external users
One type of business activity
, Answer:
Financing Activities
Question 10:
-Raising the funds to
start the business
One type of business activity
Answer:
Operating Activities
Question 11:
-Generating income (profit)
via sales and services
One type of business activity
Answer:
Investing Activities
Question 12:
-Buying resources
(assets)
Cash transactions related to
financing activities
Answer:
Cash transactions related to
Question 13:
long-term debt and equity.
EX:
-Cash received from issuance of shares
of common stock
-Cash paid for dividends
-Cash received from a loan
-Cash paid to reduce loan principal
Cash transactions related to
investing activities
