ACCT 521
Texas A&M University
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Texas A&M University(TAMU) ACCT 229 Tests Bundle Set
- Voordeelbundel • 5 items • 2023
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- $33.49
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Texas A&M University(TAMU) ACCT 229 Tests Bundle Set
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ACCT 229 TAMU Unit 1 questions with correct answers
- Tentamen (uitwerkingen) • 16 pagina's • 2023
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business CORRECT ANSWER all activities necessary to provide the members of an economic system with goods and services 
 
3 forms of business organization CORRECT ANSWER -sole proprietorship 
-partnership 
-corporation 
 
sole proprietorship CORRECT ANSWER one owner 
advantage: easy to form 
disadvantage: unlimited liability by the owner 
 
partnership CORRECT ANSWER two or more owners; profits or losses are divided among the owners 
advantage: easy to form 
disadvantage: unlimited liabilitiy 
 
...
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TAMU ACCT 229 Exam 1 questions with correct answers
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Sole Proprietorship CORRECT ANSWER -one owner 
-advantage: easy to form 
-the owner uses it as a separate entity for accounting purposes, but not for legal purposes 
-unlimited liability 
 
Unlimited Liability CORRECT ANSWER The owner is personally and fully responsible for all losses and debts of the business 
 
Limited Liability CORRECT ANSWER Can't come after owners for debt 
 
Partnership CORRECT ANSWER -two or more owners, which splits up profits and losses 
-separate entity for accounting ...
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ACCT 229 Exam 2 – TAMU questions with correct answers
- Tentamen (uitwerkingen) • 22 pagina's • 2023
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What consists of the policies and procedures necessary to ensure Operations, Reporting, and Compliance Objectives? CORRECT ANSWER Internal Control System 
 
What ensures the safeguarding of a company's assets & making sure operations are effective and efficient; Making sure Day-to-Day operations continue uninterrupted? CORRECT ANSWER Operations Objectives 
 
What ensures the reliability of accounting records; SOX and GAAP? CORRECT ANSWER Reporting Objectives 
 
What ensures compliance with laws ...
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Acct 229 Final TAMU questions with correct answers
- Tentamen (uitwerkingen) • 19 pagina's • 2023
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Materiality CORRECT ANSWER The dollar magnitude of the transaction makes a difference in how it is recorded. Record as an expense not an asset. No party would be mislead. 
Ex. buying a 10 dollar trash can 
 
Monetary Unit CORRECT ANSWER Only transactions that can be expresses in terms of money can be included in the accounting records. 
 
Time Period Assumption CORRECT ANSWER The long life of a company can be reported over a series of shorter time periods. Makes it possible to prepare the income...
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TAMU ACCT 229 - Exam 1 questions with correct answers
- Tentamen (uitwerkingen) • 9 pagina's • 2023
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3 types of businesses CORRECT ANSWER sole proprietorship, partnership, corporation 
 
unlimited liability CORRECT ANSWER sole proprietorship & partnership 
 
limited liability CORRECT ANSWER corporation 
 
Sole Proprietorship CORRECT ANSWER one owner 
advantage: easy to form 
separate entity for accounting purposes 
not a separate entity for legal purposes or tax purposes 
 
Partnership CORRECT ANSWER two or more owners 
separate entity for accounting purposes 
not a separate entity for legal o...
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ACCOUNTING ACCT 521 Exam One>The SEC and Financial Reporting(WITH ANSWERS)100% Correct.
- Study guide • 257 pagina's • 2020
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- $19.49
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Topic: Mission of the SEC
LO 1
Which one of these statements best describes the principal mission of the SEC?
a. To ensure the profitability and safety of investments offered to the public
b. To promote efficient capital allocation by ensuring that securities markets
function fairly and honestly
c. To promulgate accounting and auditing standards
d. To maintain a database useful in securities research
ANS: b
2. Topic: Securities legislation
LO 1
The Private Securities Litigation Reform Act of 199...
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