MGMT 200 EXAM 1 questions with
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answers
accounting - CORRECT ANSWERS ✔✔a system of
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maintaining records of a company's operations and
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communicating that information to decision makers |\ |\ |\ |\ |\
financial accounting - CORRECT ANSWERS
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✔✔measurement of business activities of a company and |\ |\ |\ |\ |\ |\ |\ |\
communication of those measurements to external |\ |\ |\ |\ |\ |\
parties for decision-making
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investors - CORRECT ANSWERS ✔✔make decisions related
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to buying and selling the company's stock
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creditors - CORRECT ANSWERS ✔✔make decisions related
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to lending money to the company
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corporation - CORRECT ANSWERS ✔✔an entity that is
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legally separate from its owners
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,limited liability - CORRECT ANSWERS ✔✔prevents
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stockholders from being held personally responsible for |\ |\ |\ |\ |\ |\ |\
the financial obligations of the corporation
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sole proprietorship - CORRECT ANSWERS ✔✔a business
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owned by one person |\ |\ |\
partnership - CORRECT ANSWERS ✔✔business owned by |\ |\ |\ |\ |\ |\ |\
two or more persons
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double taxation - CORRECT ANSWERS ✔✔a corporation's
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income is taxed twice; first when the company earns it
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and pays corporate income taxes on it, and then again
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when stockholders pay personal income taxes on
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amounts the firm distributes to them as dividends
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assets - CORRECT ANSWERS ✔✔resources of a company
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liabilities - CORRECT ANSWERS ✔✔amounts owed to
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creditors
stockholders' equity - CORRECT ANSWERS |\ |\ |\ |\ |\
✔✔stockholders', or owners', claims to resources, which |\ |\ |\ |\ |\ |\ |\
equal the difference between assets and total liabilites
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, accounting equation - CORRECT ANSWERS ✔✔equation |\ |\ |\ |\ |\ |\
that shows a company's resources (assets) equal
|\ |\ |\ |\ |\ |\ |\
creditors' and owners' claims to those resources
|\ |\ |\ |\ |\ |\ |\
(liabilities and stockholders' equity) |\ |\ |\
revenues - CORRECT ANSWERS ✔✔amounts earned from
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selling products or services to customers
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expenses - CORRECT ANSWERS ✔✔costs of providing
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products and services |\ |\
net income; netloss/ earnings/ profit - CORRECT ANSWERS
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✔✔difference between all revenues and all expenses for
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the period
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dividends - CORRECT ANSWERS ✔✔distributions by a
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corporation to its stockholders |\ |\ |\
financial statements - CORRECT ANSWERS ✔✔periodic
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reports published by the company for the purpose of
|\ |\ |\ |\ |\ |\ |\ |\ |\
providing information to external users
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four primary financial statements - CORRECT ANSWERS
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✔✔income statement, statement of stockholders' equity,
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balance sheet, statement of cash flows
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answers
accounting - CORRECT ANSWERS ✔✔a system of
|\ |\ |\ |\ |\ |\ |\
maintaining records of a company's operations and
|\ |\ |\ |\ |\ |\ |\
communicating that information to decision makers |\ |\ |\ |\ |\
financial accounting - CORRECT ANSWERS
|\ |\ |\ |\ |\
✔✔measurement of business activities of a company and |\ |\ |\ |\ |\ |\ |\ |\
communication of those measurements to external |\ |\ |\ |\ |\ |\
parties for decision-making
|\ |\
investors - CORRECT ANSWERS ✔✔make decisions related
|\ |\ |\ |\ |\ |\
to buying and selling the company's stock
|\ |\ |\ |\ |\ |\ |\
creditors - CORRECT ANSWERS ✔✔make decisions related
|\ |\ |\ |\ |\ |\
to lending money to the company
|\ |\ |\ |\ |\ |\
corporation - CORRECT ANSWERS ✔✔an entity that is
|\ |\ |\ |\ |\ |\ |\ |\
legally separate from its owners
|\ |\ |\ |\
,limited liability - CORRECT ANSWERS ✔✔prevents
|\ |\ |\ |\ |\ |\
stockholders from being held personally responsible for |\ |\ |\ |\ |\ |\ |\
the financial obligations of the corporation
|\ |\ |\ |\ |\
sole proprietorship - CORRECT ANSWERS ✔✔a business
|\ |\ |\ |\ |\ |\ |\
owned by one person |\ |\ |\
partnership - CORRECT ANSWERS ✔✔business owned by |\ |\ |\ |\ |\ |\ |\
two or more persons
|\ |\ |\
double taxation - CORRECT ANSWERS ✔✔a corporation's
|\ |\ |\ |\ |\ |\ |\
income is taxed twice; first when the company earns it
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\
and pays corporate income taxes on it, and then again
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\
when stockholders pay personal income taxes on
|\ |\ |\ |\ |\ |\ |\
amounts the firm distributes to them as dividends
|\ |\ |\ |\ |\ |\ |\
assets - CORRECT ANSWERS ✔✔resources of a company
|\ |\ |\ |\ |\ |\ |\
liabilities - CORRECT ANSWERS ✔✔amounts owed to
|\ |\ |\ |\ |\ |\ |\
creditors
stockholders' equity - CORRECT ANSWERS |\ |\ |\ |\ |\
✔✔stockholders', or owners', claims to resources, which |\ |\ |\ |\ |\ |\ |\
equal the difference between assets and total liabilites
|\ |\ |\ |\ |\ |\ |\
, accounting equation - CORRECT ANSWERS ✔✔equation |\ |\ |\ |\ |\ |\
that shows a company's resources (assets) equal
|\ |\ |\ |\ |\ |\ |\
creditors' and owners' claims to those resources
|\ |\ |\ |\ |\ |\ |\
(liabilities and stockholders' equity) |\ |\ |\
revenues - CORRECT ANSWERS ✔✔amounts earned from
|\ |\ |\ |\ |\ |\ |\
selling products or services to customers
|\ |\ |\ |\ |\
expenses - CORRECT ANSWERS ✔✔costs of providing
|\ |\ |\ |\ |\ |\ |\
products and services |\ |\
net income; netloss/ earnings/ profit - CORRECT ANSWERS
|\ |\ |\ |\ |\ |\ |\
✔✔difference between all revenues and all expenses for
|\ |\ |\ |\ |\ |\ |\ |\ |\
the period
|\
dividends - CORRECT ANSWERS ✔✔distributions by a
|\ |\ |\ |\ |\ |\ |\
corporation to its stockholders |\ |\ |\
financial statements - CORRECT ANSWERS ✔✔periodic
|\ |\ |\ |\ |\ |\
reports published by the company for the purpose of
|\ |\ |\ |\ |\ |\ |\ |\ |\
providing information to external users
|\ |\ |\ |\
four primary financial statements - CORRECT ANSWERS
|\ |\ |\ |\ |\ |\ |\
✔✔income statement, statement of stockholders' equity,
|\ |\ |\ |\ |\ |\
balance sheet, statement of cash flows
|\ |\ |\ |\ |\
