Posted: January 6th, 2017

Describe the difference between an asset, liability, and equity on a company’s balance sheet.

      1. Proficient-level:
      • Identify and describe the three basic forms of business organizations.
      • What are the advantages and disadvantages of each form of ownership?
    • Distinguished-level:
        • Business entities can also be categorized by the type of business activities they perform. Identify and describe the three types. What do all three types have in common?
      1. Question 2:
        1. Proficient-level:
        • Identify the primary objectives of every business.
        • What are the four basic financial statements that measure the primary objectives of every business?
        • Describe what information each statement presents and which of the primary objective(s) can be met through the information presented on the statement.
      • Distinguished-level:
          • Describe the difference between an asset, liability, and equity on a company’s balance sheet.
        1. Question 3:
          1. Proficient-level:
          • Identify the framework for the entire accounting process and describe its components and how they fit together to form this framework.
        • Distinguished-level:

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