ACCOUNTING 200 EXAM 1 2025 QUESTIONS AND ANSWERS

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ACCOUNTING 200 EXAM 1 2025 QUESTIONS AND ANSWERS

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Institution ACCOUNTING 200

Course ACCOUNTING 200

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The three types of a business - ANS Service Business Merchandising Business Manufacturing Business Business - ANS An organization that sells goods or services to customers The four business forms - ANS Proprietorship Partnership Corporation Limited Liability Company Proprietorship - ANS Owned by one individual Partnership - ANS Owned by more than one individual or entity (partners) Corporation - ANS Owned by more than one individual or entity (stockholders) Limited Liability Comp

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ACCOUNTING 200 EXAM 1 2025
QUESTIONS AND ANSWERS

The three types of a business - ANS Service Business
Merchandising Business
Manufacturing Business

Business - ANS An organization that sells goods or services to customers

The four business forms - ANS Proprietorship
Partnership
Corporation
Limited Liability Company

Proprietorship - ANS Owned by one individual

Partnership - ANS Owned by more than one individual or entity (partners)

Corporation - ANS Owned by more than one individual or entity (stockholders)

Limited Liability Company - ANS owned by more than one individual or entity (members)

Copyright ©2025 BRIGHTSTARS ALL RIGHTS RESERVED 1

, Equation for Net Income - ANS Revenues - Expenses

Revenue - ANS amount the business earned this period

Expenses - ANS costs the business incurred this period in earning revenue

Low-cost emphasis - ANS high volume to make a profit
acceptable quality at low cost

Premium-price emphasis - ANS don't need high volume to make profit
unique qualities at a premium price

Stakeholder - ANS Entities with an interest in a business

Capital market stakeholder - ANS Lenders/creditors
Owners/stockholders

Product/Service Market stakeholder - ANS Suppliers and customers

Government stakeholders - ANS Collect taxes from the business and regulate activities (IRS,
State Tax Boards, OSHA, ADA)

Income Statement - ANS Revenues - Expenses = Net Income

GAAP - ANS Generally Accepted Accounting Principles
The four financial statements required of businesses

Copyright ©2025 BRIGHTSTARS ALL RIGHTS RESERVED 2

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Uploaded on: May 27, 2025
Number of pages: 6
Written in: 2024/2025
Type: Exam (elaborations)
Contains: Questions & answers

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ACCOUNTING 200 EXAM 1 2025 QUESTIONS AND ANSWERS

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