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ACC 101 Questions with answers well graded A+-

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ACC 101 Questions with answers well graded A+-

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Institution: University Of Illinois - Chicago
Course: ACC 101

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Uploaded on: October 2, 2025
Number of pages: 4
Written in: 2025/2026
Type: Exam (elaborations)
Contains: Questions & answers

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acc 101 questions with answers well graded a

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ACC 101 Questions with answers
well graded A+
Sole Proprietorship - ANS✅✅owned by a single individual

Partnership - ANS✅✅a business owned by two or more people

Corporation - ANS✅✅ownership represented by shares of stock

Advantages of a corporation - ANS✅✅1) limited liability

2) continuity of life

3) ease of transfer of ownership

4) opportunity to raise large amounts of money

disadvantage of corporation - ANS✅✅double taxation

Objectives of Financial Accounting - ANS✅✅1. it is useful to investors and creditors in making
decisions

2. helps predict cash flows

3. tells us about economic resources, claims to resources, and changes in resources and claims

external decision makers - ANS✅✅investors and creditors

internal decision makers - ANS✅✅managers

Assets - ANS✅✅resources of the company

Liabilities - ANS✅✅creditors' claims to resources

Stockholders' Equity - ANS✅✅owners' claims to resources

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ACC 101 Questions with answers well graded A+-

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