Gmu accounting 303 exam 1 Study guides, Class notes & Summaries
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GMU ACCOUNTING 303 EXAM 1 LATEST UPDATE GRADED A+
- Exam (elaborations) • 13 pages • 2024
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GMU ACCOUNTING 303 EXAM 1 LATEST 
 
UPDATE GRADED A+ 
 
4 financial statements -income statement 
 
-retained earnings statement 
-balance sheet 
-statement of cash flows 
 
Accounting information system: System of: 
 
-collecting and 
 
-processing transaction data and 
 
-communicating financial information to decision-makers. 
 
Accrual basis accounting Transactions recorded in the periods in which the events occur. 
 
Revenues are recognized when services performed, even if cash was not rece...
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GMU ACCOUNTING 303 EXAM 1 WITH COMPLETE SOLUTION
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GMU ACCOUNTING 303 EXAM 1 WITH COMPLETE SOLUTION...
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GMU ACCOUNTING 303 EXAM 1 QUESTIONS AND ANSWERS
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GMU ACCOUNTING 303 EXAM 1 
QUESTIONS AND ANSWERS 
Forms of business organizations - Correct Answer️️ -Sole proprietorship 
Partnership 
Corporation 
Sole Proprietorship - Correct Answer️️ --Simple to establish 
-owner controlled 
-tax advantages 
Partnership - Correct Answer️️ --Simple to establish 
-shared control 
-broader skills and resources 
-tax advantages 
Corporation - Correct Answer️️ --Easier to transfer ownership 
-Easier to raise funds 
-No personal liability 
Interna...
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ACCT 303 GMU Final Exam Prep Questions with Verified Solutions
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ACCT 303 GMU Final Exam Prep 
Questions with Verified Solutions 
 
A company makes a credit sale of $750 on June 13, terms 2/10, n/30, on which it grants a return 
of $50 on June 16. What amount is received as payment in full on June 23? 
(a)$700. 
(b)$686. 
(c)$685. 
(d)$650. (b) 
$686. 
The full amount of $686 is paid within 10 days of the purchase {($750 − $50) − [($750 − $50) × 
2%]}. 
 
A company spends $20 million dollars for an office building. Over what period should the cost 
be ...
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