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  • ABM1

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    SLMS
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    The document defines key business concepts including limited liability companies, proprietorships, partnerships, corporations, assets, liabilities, owner's equity, and financial statements such as the statement of financial position, statement of comprehensive income, and statement of cash flows. It provides the correct definition or answer for each concept or statement listed.

    Original Description:

    PRACTICE PROB

    Original Title

    ABM1 (26)

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    The document defines key business concepts including limited liability companies, proprietorships, partnerships, corporations, assets, liabilities, owner's equity, and financial statements such as the statement of financial position, statement of comprehensive income, and statement of cash flows. It provides the correct definition or answer for each concept or statement listed.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Flag for inappropriate content
    6 views2 pages

    ABM1

    Uploaded by

    SLMS
    The document defines key business concepts including limited liability companies, proprietorships, partnerships, corporations, assets, liabilities, owner's equity, and financial statements such as the statement of financial position, statement of comprehensive income, and statement of cash flows. It provides the correct definition or answer for each concept or statement listed.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Flag for inappropriate content
    of 2

    1.

    Combines the attributes of partnership and corporation

    Answer: Limited Liability Company

    2. Owned by one individual

    Answer: Proprietorship

    3. Claims against assets, existing debt and obligation

    Answer: Liabilities

    4. Summarizes changes in the owner’s equity for a specific period of time

    Answer: Statement of Changes in Owner’s Equity

    5. Reports assets, liabilities, and owner’s equity at a specific date

    Answer: Statement of Financial position

    6. Summarizes information about cash inflows (receipts) and outflows (payments) fr a specific

    period of time

    Answer: Statement of Cash flows

    7. State that the company will continue in operation long enough to carry out its existing

    objectives and commitment

    Answer: Going Concern Assumption

    8. Owned by two or more individuals


    Answer: Partnership

    9. Resources that the business owns.

    Answer: Assets

    10. Organized under state or federal statutes

    Answer: Corporation

    11. The residue of the company’s asset over liabilities

    Answer: Owner’s Equity

    12. Presents the revenues and expenses and resulting net income or net loss for a specific

    period of time

    Answer: Statement of Comprehensive Income

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