Accounting Study Guide - Chapter 1=16 questions Chapter...

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Chapter 1=16 questions Chapter 3=14 questions Chapter 4=10 questions Chapter 5=8 questions Chapter 9=2 questions Exam Study guide: Chapter 1 1. Be able to identify the three types of businesses. 1. Manufactorer 2. Merchandiser 3. Service 2. Four Organization Types of Business 1. Propriotorship A. you control everything 2. Partnership A. in it with others 3. Corporations A. legal entity seperate from owners(stockholders) 4. Limited Liabilities Corporation A. Legal entity seperate from owners(members) 1. only liable for what they put in 3. Be able to identify the two business emphases (strategies). 1. Low Cost 2. Premium Cost 4. Be able to identify business stakeholders (internal and external). 1. External A. Capital Market Stakeholders 1. lenders 2. stockholders B. Product/Service Stakeholders 1. sell goods to them, want to continue selling C. Government 1. want taxes 2. Business managers and employees 5. Identify the three primary business activities and give example of each. 1. Financing A. Debt financing 1. getting cash through getting loan 2. Operating A. Revenue and Expenses 3. Investing A. put money into investment(asset) 6. Be able to state the overall accounting equation.
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1. Income Statement A. Revenues-Expenses=Net Income 2. Statement of Retained Earnings A. Beginning R.E.+Net Income-Dividends=Ending R.E. 3. Statement of Cash flows A. Beginning Cash +/- Cash flows from Investing, Operating, and Financing=Ending Cash B. Balance Sheet 1. Assets=Liabilities+Equity 7. Be able to define in words the following terms, and be able to give several examples of each one. Be able to state on which financial statement they appear 1. assets A. Balance sheet 2. liabilities A. balance sheet 3. equity A. balance sheet 4. dividends A. statement of r.e. 5. Revenue A. income statement 6. expenses A. income statement 7. cash flow from operating activities A. statement of cash flows 1. cash received from customers 2. cash paid for expenses 8. cash flow from investing activities A. statement of cash flows 1. cash received from long term assets 2. cash spent on purchasing l.t.a. 9.
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This note was uploaded on 10/28/2008 for the course ACCOUNTING 101 taught by Professor Michael during the Fall '08 term at University of Tennessee.

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Accounting Study Guide - Chapter 1=16 questions Chapter...

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