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Acc 561 Assignment: Week 1 Practice Quiz

  • Date Submitted: 01/16/2016 03:57 AM
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Multiple Choice Question 41
The proprietorship form of business organization
  combines the records of the business with the personal records of the owner.
  is classified as a separate legal entity.
  must have at least two owners in most states.
  generally receives favorable tax treatment relative to a corporation.

Multiple Choice Question 45
Most business enterprises in the United States are
government units.
proprietorships and partnerships

Multiple Choice Question 46
A business organized as a separate legal entity is a
government unit.

Multiple Choice Question 57
Which of the following is the best definition of an internal user of accounting information?
Creditors like banks that use accounting information to evaluate the risk of lending money.
Managers who use accounting information to plan, organize, and run a business.
Labor unions who use accounting information to examine the ability of the company to pay increased wages and benefits.
Investors who use accounting information to decide whether to buy or sell stock.

Multiple Choice Question 63

Which of the following groups uses accounting information primarily to insure the entity is operating within prescribed rules?
Labor Unions
Taxing authorities
Regulatory agencies

Multiple Choice Question 65
Which of the following groups uses accounting information to determine whether the company can pay its obligations?
Chief Financial Officer
Investors in common stock
Marketing managers

Multiple Choice Question 99

Which of the following financial statements is divided into major categories of operating, investing, and financing activities?
The retained earnings statement.
The statement of cash flows.
The income statement.


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