What measures the short-term ability of the company to pay its maturi What are the effects of transactions on the accounting equation? What is the process of allocating the cost of an asset to expense over its useful life?

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ACCT 2101 Exam 1 Chapter 1 Forms of Businesses (11) 1. Sole proprietorship a. Owned by only one person, easy to set up, one person has all the control 2. Partnership a. Owned by two or more people, good for those who don’t have the resources to set up a sole proprietorship, has a written partnership agreement 3. Corporation a. Owned by stockholders, easy to transfer ownership by selling, easy to raise funds by selling stock, no individual liability, higher taxes Internal vs. External 1. Internal users managers who plan, organize, and run a business a. marketing managers, production supervisors, finance directors, and company