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Acct

never done this before, but i need serious help. for once.
i have this take-home quiz due tomorrow. the problem is, i'm flat-ass broke. as such, i have not yet purchased the book. and the professor, she's a business talker. meaning she'll go on about any business that interests her and all of its components, but will never really explain any concept.

help me out?

just these questions:

Financial reports are used by:
a. management
b. corporation
c. partnership
d. governmental unit

The business entity concept means that:
a. The owner is part of the business entity
b. an entity is organized according to state or federal statutes
c. an entity is organized acdcording to the rules set by the FASB
d. the entity is an individual economic unit for which data are recorded, analysed, and reported

For accounting purposes, the business entity should be considered from its onwers if the entity is a:
a. corporation
b. proprietorship
c. partnership
d. all of the above


TIA

Re: Acct

quote:

Originally posted by fitom tiel For accounting purposes, the business entity should be considered from its onwers if the entity is a: a. corporation TIA

then, by that logic, the answer to the second question is D. ?

no idea on that one

Re: Acct

quote:

Originally posted by fitom tiel Financial reports are used by: a. management b. corporation c. partnership d. governmental unit id go with management. The business entity concept means that: a. The owner is part of the business entity b. an entity is organized according to state or federal statutes c. an entity is organized acdcording to the rules set by the FASB d. the entity is an individual economic unit for which data are recorded, analysed, and reported D. For accounting purposes, the business entity should be considered from its onwers if the entity is a: a. corporation b. proprietorship c. partnership d. all of the above are you sure the question is complete? shouldnt there be a "seperate" between considered and from ? if thats the case than all of the above is your answer. TIA

The first question is a little unclear imo. Financial reports could be used by all of them. If I'd had to guess then I'd go for corporation. Management focuses on differents areas.

Edit: but here management doesn't refer to the skill of managing, so it could be either one of them

well lets see if we can figure it out
1)management - uses financial records to attempt to minimize costs, change methods to make the company more presentable.
2)corporation - a corporation itself doesnt use financial records its the board of directors of the corporation that will use it (management) the shareholders of the corporation maybe so i think its wrong.
3)partnership - an alternative for corporation, its just a type of business.
4)governmental unit - could be the answer if it means government auditors.

quote:

Originally posted by Goashem well lets see if we can figure it out 1)management - uses financial records to attempt to minimize costs, change methods to make the company more presentable. 2)corporation - a corporation itself doesnt use financial records its the board of directors of the corporation that will use it (management) the shareholders of the corporation maybe so i think its wrong. 3)partnership - an alternative for corporation, its just a type of business. 4)governmental unit - could be the answer if it means government auditors.

You're right about B & C. Financial reports are used IN corporations and Partnerships, not by them.

Then it's between A or D. D isn't really clearly defined so you could say the same as above, but A seems to obvious though. This is a stinky question

i know, they're the most ambiguous out of the lot, and the ones that got me.
thanks, i'll go for

a. management

d. the entity is an individual economic unit for which data are recorded, analysed, and reported

, and,

d. all of the above


and, yes, my bad, the last question, i copied wrong.
it should read:

quote:

For accounting purposes, the business entity should be considered separate from its owners if the entity is a:

thanks a bunch. i'll let you know how it goes

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