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Study+Guide+Midterm+1+Spring+2008

Study+Guide+Midterm+1+Spring+2008 - Principles of...

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Principles of Accounting 1 Spring 2008 Study Guide for Midterm 1 Test Format: Multiple choice questions (50 @ 5.20 points each). Total possible points are 260. Maximum grade is 250! The extra points are to compensate for any weakness in the main test instrument and misunderstanding in the question wording. Students need to bring their own scantron. Do not mark your scantron until you have selected your FINAL answer. Eraser mar77ks confuse the scantron grading machine. All adverse consequences of eraser marks and mismarks are the student’s responsibility. Bring extra scantrons. You are permitted to use a simple four-function calculator (cell phones are NOT simple four-function calculators). Instructors/exam proctors will check each student’s calculator while distributing the exams. This is a closed book, closed note, and closed neighbor exam. You are NOT permitted to have scratch paper. You are NOT to look around during the exam. You are to keep your scantron sheet covered to the extent possible. You must turn in your exam and scantron with your name, your instructor’s name, and the version letter of the exam on both. You will be asked to show a picture id when you turn in your exam and scantron. You will have 120 minutes to complete the exam. = = The exam covers Chapters 1 – 4. Skills needed: Chapter 1: Identify and understand the characteristics of the basic forms of business organization structures (i.e. sole proprietorship, partnership, and corporation). o Sole proprietorship: business owned by one person, wealth at risk o Partnership: owned by two or more people, wealth at risk Mutual agency: both responsible for loans Unlimited liability: personal assets of owner can be used to satisfy liabilities of business o Limited Partnership: One/More limited and general partners; general partners liable for business and limited partners not S Corporation: small corp owned by less than 75 people, funds taxed at personal level not corporate Limited liability partnership: only held responsible for personal actions and those under their control, reduces mutual agency, not taxed twice Limited liability company: doesn’t limit number of partners, doesn’t limit participation in management, limits unlimited liability, not taxed twice
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Corporation: business separate from owners, limited liability(people not liable for company only assets invest in company) Identify and define the basic types of businesses (i.e. merchandising, manufacturing and service). o Merchandising: selling shit o Manufacturing: making shit o Service: providing services Understand the elements of accounting (assets, liabilities, owners’ equity, revenue, and expense). o Assets: rights to use resources that will make profit in the future o Liabilities: anything you owe o Owners’ equity: whatever’s left at the end of the year goes to the owners o Revenue: money made by company for selling services or products o
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