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MGT 8803 Week 1 EXAM WITH COMPREHENSIVE SOLUTIONS
A business owned by a single owner - ANSWER proprietorship 
A business owned by more than one owner - ANSWER partnership 
In ___ & ___, the business and the owner(s) are legally one entity - there is unlimited 
liability and no taxation. - ANSWER proprietorship and partnership 
What does unlimited liability mean? - ANSWER The obligations of the business are the 
same as the obligations of the owners; i.e., a bank can go after the owners if the 
business defaults on its loan 
What does "no taxat...
- Exam (elaborations)
- • 6 pages •
A business owned by a single owner - ANSWER proprietorship 
A business owned by more than one owner - ANSWER partnership 
In ___ & ___, the business and the owner(s) are legally one entity - there is unlimited 
liability and no taxation. - ANSWER proprietorship and partnership 
What does unlimited liability mean? - ANSWER The obligations of the business are the 
same as the obligations of the owners; i.e., a bank can go after the owners if the 
business defaults on its loan 
What does "no taxat...
MGT 8803 Final Exam Questions With Answers WITH UPDATED SOLUTIONS
3 factors that effect planning of organization - CORRECT ANSWER- 1) organization 
level (more heirarchy better with more stability) 
2) degree of uncertainty (more uncertain, shorter planning horizon) 
3) length of future commitments (planning horizon should be as long as length of 
longest commitment by management 
4 functions of management - CORRECT ANSWER- 1) planning: business goals 
2) organizing: allocating resources 
3) leading: coordinating and directing 
4) controlling: observe and anal...
- Exam (elaborations)
- • 28 pages •
3 factors that effect planning of organization - CORRECT ANSWER- 1) organization 
level (more heirarchy better with more stability) 
2) degree of uncertainty (more uncertain, shorter planning horizon) 
3) length of future commitments (planning horizon should be as long as length of 
longest commitment by management 
4 functions of management - CORRECT ANSWER- 1) planning: business goals 
2) organizing: allocating resources 
3) leading: coordinating and directing 
4) controlling: observe and anal...
UPDATED MGT 8803 FINAL EXAM ACTUAL EXAM QUESTIONS AND CORRECT DETAILED ANSWERS WITH RATIONALES (VERIFIED ANSWERS) |A+ GUARANTEED
What are the (5) assumptions of financial accounting? - ANSWER- 1. Separate entity 
2. Unit of measurement 
3. Going concern 
4. Periodicity 
5. Materiality 
What does materiality mean? - ANSWER- The only information that needs to be 
disclosed in financial statements is information that will be useful for those who rely on 
the financial statements to make decisions. 
What are the qualities of financial statements? (6) - ANSWER- 1. Understandability 
2. Timeliness 
3. Full disclosure 
4. Compar...
- Exam (elaborations)
- • 9 pages •
What are the (5) assumptions of financial accounting? - ANSWER- 1. Separate entity 
2. Unit of measurement 
3. Going concern 
4. Periodicity 
5. Materiality 
What does materiality mean? - ANSWER- The only information that needs to be 
disclosed in financial statements is information that will be useful for those who rely on 
the financial statements to make decisions. 
What are the qualities of financial statements? (6) - ANSWER- 1. Understandability 
2. Timeliness 
3. Full disclosure 
4. Compar...
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270+ PRACTICE QUESTIONS AZ-104 RENEWAL EXAM AND 100% CORRECT ANSWERS 2023-2024(A+ GUARANTEE)