Accounting Exam 1 REVIEW.docx - Chapter 01 20 exam questions on the following topics Know about the three main forms of business ownership including the

Accounting Exam 1 REVIEW.docx - Chapter 01 20 exam...

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Chapter 01 20 exam questions on the following topics: Know about the three main forms of business ownership including the characteristics and advantages and disadvantages of each. 1. Sole Proprietorship - Simple to setup and gives you control. ie: Barber Shops, Law Offices, Auto Repair Shops, Farms, Small retail stores. 2. Partnership -Owned by 2 or more business owners ie: Professional Practices, Lawyers, Doctors, CPA, etc. 3. Corporation : Owned by Stockholders ie: Investors receive shares of stock Know the difference between internal and external users, examples of each, and how they might use accounting information in decision-making. Internal Users: Managers, Supervisors, Directors-Organize and run the business. External Users: Investors, Creditors-Use current Accounting info to make decisions on buying/selling stock. Know about the three types of business activities (operating, investing, and financing), including examples of activities that fit into each category.
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