Chapter 1 Smart book assignment,
Questions and answers, rated A+
the system that maintains records of a company's operations and then communicates that information
to decision makers is referred to as _______: - ✔✔-accounting
a business organization that is legally separate from its owners is called a(n): - ✔✔-corporation
the three most common forms of business organization are: - ✔✔-sole proprietorship, partnership, and
corporation
__________ __________ represent a company's primary means of communicating information to
external users. - ✔✔-financial statements
which of the following are financial statements?
* statement of assets
* statements of corporate responsibility
* balance sheet
* statement of SHE
* income statement - ✔✔-balance sheet, statement of SHE, income statement
the primary functions of accounting are to: - ✔✔-* measure a company's activities
* communicate information to decision makers.
the form of business organization where an entity is legally separate from its owners and issues shares of
stock is a - ✔✔-corporation
, the financial statement that summarizes the profit-generating activities of a company during a particular
period of time is the - ✔✔-income statement
identify the three most common forms of business organization:
* corporation
* sole proprietorship
* unlimited stock entity
* enterprise entity
* partnership - ✔✔-corporation, sole proprietorship, partnership
which of the following aspects relate to the information provided in an income statement? - ✔✔-ability
to earn a profit from its operations during the current period
companies communicate information about their business activities primarily through - ✔✔-financial
statements
when revenues are greater than expenses, a company has net ________, whereas when revenues are
less than expenses, a company has a net_______. - ✔✔-income, loss
the four financial statements published to provide information to external users include which of the
following?
*statement of cash flows
*statement of business activities
*statement of SHE
*statement of assets
*income statement
*balance sheet - ✔✔-statement of cash flows, statement of SHE, income statement, balance sheet
Questions and answers, rated A+
the system that maintains records of a company's operations and then communicates that information
to decision makers is referred to as _______: - ✔✔-accounting
a business organization that is legally separate from its owners is called a(n): - ✔✔-corporation
the three most common forms of business organization are: - ✔✔-sole proprietorship, partnership, and
corporation
__________ __________ represent a company's primary means of communicating information to
external users. - ✔✔-financial statements
which of the following are financial statements?
* statement of assets
* statements of corporate responsibility
* balance sheet
* statement of SHE
* income statement - ✔✔-balance sheet, statement of SHE, income statement
the primary functions of accounting are to: - ✔✔-* measure a company's activities
* communicate information to decision makers.
the form of business organization where an entity is legally separate from its owners and issues shares of
stock is a - ✔✔-corporation
, the financial statement that summarizes the profit-generating activities of a company during a particular
period of time is the - ✔✔-income statement
identify the three most common forms of business organization:
* corporation
* sole proprietorship
* unlimited stock entity
* enterprise entity
* partnership - ✔✔-corporation, sole proprietorship, partnership
which of the following aspects relate to the information provided in an income statement? - ✔✔-ability
to earn a profit from its operations during the current period
companies communicate information about their business activities primarily through - ✔✔-financial
statements
when revenues are greater than expenses, a company has net ________, whereas when revenues are
less than expenses, a company has a net_______. - ✔✔-income, loss
the four financial statements published to provide information to external users include which of the
following?
*statement of cash flows
*statement of business activities
*statement of SHE
*statement of assets
*income statement
*balance sheet - ✔✔-statement of cash flows, statement of SHE, income statement, balance sheet
