Test 1 Review - Chapter 1 What are the 3 forms of business...

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Unformatted text preview: Chapter 1 What are the 3 forms of business organization? Sole Proprietorship; Partnership; Corporation Who are the users of financial information? Internal: Managers, Supervisors, directors; External: Investors, creditors Why is ethics important in financial reporting? DUH What are the basic 3 business activities? Financing, Investing, Operating What are the 4 statements in a basic set of financial statements? Income Statement, Retained Earnings Statement, Balance Sheet, Statement of cash flows Understand how they are inter-related Be able to prepare the basic set of financials if given the information, know where each account belongs, classification, etc. What is an auditor? An accounting professional who conducts an independent examination of a companys financial statements What is an auditors report? It states the auditors opinion of the fairness of the financial statements Review: E1-1, E1-3, E1-4, E 1-10, E1-11, P1-4A and Wiley Plus assignments Review the self-study questions pg 28 Chapter 2 Understand the classified balance sheet and be able to recognize for each account where it belongs on the Balance...
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This note was uploaded on 02/19/2011 for the course ACG 2021 taught by Professor Strickland during the Fall '09 term at Tallahassee Community College.

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Test 1 Review - Chapter 1 What are the 3 forms of business...

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