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ACCOUNTING 200 - CHAPTER 1 EXAM 2025 QUESTIONS AND ANSWERS

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Sole Proprietorship advantages - ANS easy to set up, lower taxes, owner control Sole Proprietorship disadvantages - ANS personal liability, hard to transfer ownership Partnership advantages - ANS easy to set up, lower taxes, shared control, broader resources Partnership disadvantages - ANS personal liability, hard to transfer ownership Corporation advantages - ANS no personal liability, easy to transfer ownership, easy to raise funds Corporation disadvantages - ANS Harder to set up, higher taxes 3 types of business activity - ANS financing, investing, operating Financing (business activity) - ANS Activities that involve borrowing or repaying money Investing (business activity) - ANS activities that involve purchasing or selling resources the company needs to fun

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ACCOUNTING 200 - CHAPTER 1 EXAM
2025 QUESTIONS AND ANSWERS




Sole Proprietorship advantages - ANS easy to set up, lower taxes, owner control



Sole Proprietorship disadvantages - ANS personal liability, hard to transfer ownership



Partnership advantages - ANS easy to set up, lower taxes, shared control, broader resources



Partnership disadvantages - ANS personal liability, hard to transfer ownership



Corporation advantages - ANS no personal liability, easy to transfer ownership, easy to raise
funds



Corporation disadvantages - ANS Harder to set up, higher taxes



3 types of business activity - ANS financing, investing, operating



Financing (business activity) - ANS Activities that involve borrowing or repaying money



Investing (business activity) - ANS activities that involve purchasing or selling resources the
company needs to function


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