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ACCT 640 Mid Term Review.docx - ACCT 640 Mid-Term Review...

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ACCT 640 Mid-Term ReviewChapter 1Introducing Financial AccountingGeneral:3 Types of businesses; How do they differ? What are advantages/disadvantages of each?
3 Types of business activities?What kind of transactions fall into each?
Who are the users of accounting information?How do they differ in what they areneeding regarding the information?
Balance Sheet:What does a balance sheet show?– Shows the financial position of a company at aPOINTin time.
Define the 3 elements of the balance sheet.

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Term
Fall
Professor
Staff
Tags
Balance Sheet, Revenue, Generally Accepted Accounting Principles, AJE

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