financial accounting ch.1 learning smart book

The system that maintains records of a company's operations and then communicates that information to decision makers is referred to as (enter one word)

accounting

The form of business organization where an entity is legally separate from its owners and issues shares of stock is a? -corporation -proprietorship -partnership

corporation

True or false: The fundamental activities of a business are selling activities and marketing activities.

false Reason: The fundamental activities are financing, investing, and operating activities.

Which of the following are operating activities? (select all that apply) -Providing services to customers -Paying salaries to employees -Purchasing plant and equipment -Borrowing from creditors -Paying advertising expenses

providing services to customers paying salaries to employees paying advertising expenses

The three most common forms of business organization are sole proprietorship,_______________, and __________________. (enter one word per blank)

partnership, corporation