Easy DIFFICULTY: Bloom's: Remembering FNMN.WARD.16.01-02 - LO: 01-02 LEARNING OBJECTIVES: ACCT.ACBSP.APC.03 - Business Forms ACCREDITING STANDARDS: ACCT.AICPA.BB.01 Industry – ACCT.AICPA.FN.03 Measurement – BUSPROG: Analytic Comprises 70% of business entities in the United States a ANSWER: Generates 90% of business revenues c ANSWER: Owned by two or more individuals b ANSWER: Organized as a separate legal taxable entity c ANSWER: Easy and cheap to organize a ANSWER: Often used as an alternative to a partnership d ANSWER: Used by large business c ANSWER: Has the ability to obtain large amounts of resources c ANSWER: Offers tax and legal liability advantages for owners d ANSWER: Match each transaction with its effect on the accounting equation. Each letter may be used more than once. Increase assets, increase liabilities Increase liabilities, decrease stockholders' equity Increase assets, increase stockholders' equity No effect Decrease assets, decrease liabilities Decrease assets, decrease stockholders' equity Moderate DIFFICULTY: Bloom's: Remembering FNMN.WARD.16.01-04 - LO: 01-04 LEARNING OBJECTIVES: ACCT.ACBSP.APC.06 - Recording Transactions ACCREDITING STANDARDS: ACCT.AICPA.FN.03 Measurement – BUSPROG: Analytic Received cash for services provided c ANSWER:
DIFFICULTY: Easy Bloom's: Remembering LEARNING OBJECTIVES: FNMN.WARD.16.01-02 - LO: 01-02 ACCREDITING STANDARDS: ACCT.ACBSP.APC.03 - Business Forms ACCT.AICPA.BB.01 – Industry ACCT.AICPA.FN.03 – Measurement BUSPROG: Analytic Comprises 70% of business entities in the United States ANSWER: a Generates 90% of business revenues ANSWER: c Owned by two or more individuals ANSWER: b Organized as a separate legal taxable entity ANSWER: c Easy and cheap to organize ANSWER: a Often used as an alternative to a partnership ANSWER: d Used by large business ANSWER: c Has the ability to obtain large amounts of resources ANSWER: c Offers tax and legal liability advantages for owners ANSWER: d Match each transaction with its effect on the accounting equation. Each letter may be used more than once. Increase assets, increase liabilities Increase liabilities, decrease stockholders' equity Increase assets, increase stockholders' equity No effect Decrease assets, decrease liabilities Decrease assets, decrease stockholders' equity DIFFICULTY: Moderate Bloom's: Remembering LEARNING OBJECTIVES: FNMN.WARD.16.01-04 - LO: 01-04 ACCREDITING STANDARDS: ACCT.ACBSP.APC.06 - Recording Transactions ACCT.AICPA.FN.03 – Measurement BUSPROG: Analytic Received cash for services provided ANSWER: c