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About this document
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- 5 pages
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- $5 one-time, yours to keep
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- Format
- Subject
- Accounting
- Module
- ACC290 · Week 1
This quiz covers the types of business organizations, users of accounting data, financial statements, and financial ratios. It is for Week 1 of the ACC290 course.
What's inside
- Types of business organizations
- Users of accounting data
- Financial statements
- Financial ratios
- Net income calculation
- Earnings per share
Who it is for: Students taking the ACC290 course, Week 1. (Undergraduate)
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Summary
Business organization types are covered. Students get practice with multiple-choice questions on accounting data, financial statements, and financial ratios.
Liability of owners
Sole traders, partnerships and corporations differ in who owns them and who carries the risk. Owners of sole proprietorships and partnerships are personally liable for all debts of the business.
Users of accounting data
Accounting data is used by people inside and outside the organization. Internal users have access to information not released to the public.
Order of financial statements
Financial statements must be prepared in a specific order. The income statement comes first, then the retained earnings statement, then the balance sheet, and then the statement of cash flows.
Financial ratios
Financial ratios measure liquidity, solvency and profitability. The current ratio measures liquidity. The debt to assets ratio measures solvency.
Key terms
- Sole proprietorships
- Businesses owned by one person.
- Partnerships
- Businesses owned by two or more people.
- Corporations
- Businesses owned by shareholders.
- Financial statements
- Reports that show a company's financial position and performance.
- Generally accepted accounting principles
- Rules for financial reporting in the U. S.
- Earnings per share
- Net income divided by average shares outstanding.
Questions this document helps with
- What are the differences between sole proprietorships, partnerships and corporations?
- Who are the internal users of accounting data?
- Which financial statement comes first?
Summary written with AI from the document's text.
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