Posted: January 6th, 2017
Describe the difference between an asset, liability, and equity on a company’s balance sheet.
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- 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?
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- Question 2:
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- 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.
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- Question 3:
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- 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: