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ACC 561 Week 1 Quiz 100% Correct
Description
- 1.The proprietorship form of business organization
- 2.Most business enterprises in the United States are
- 3.A business organized as a separate legal entity is a
- 4.Which of the following is the best definition of an internal user of accounting information?
- 5.Which of the following groups uses accounting information primarily to insure the entity is operating within prescribed rules?
- 6.Which of the following groups uses accounting information to determine whether the company can pay its obligations?
- 7.Which of the following financial statements is divided into major categories of operating, investing, and financing activities?
- 8.Ending retained earnings for a period is equal to:
- 9.The financial statement that summarizes the changes in retained earnings for a specific period of time is the
- 10.To show how successfully your business performed during a period of time, you would report its revenues and expense in the
- 11.Which financial statement is prepared first?
- 12.An income statement shows
- 13.Dawson Corporation has the following information available for 2011:
- 14.Declaring a cash dividend will
- 15.At December 31, 2012 Lowery Company had retained earnings of $2,184,000. During 2012 they issued stock for $98,000, and paid dividends of $34,000. Net income for 2012 was $402,000. The retained earnings balance at the beginning of 2012 was:
- 16.Which of the following organizations issues accounting standards for countries outside the United States?
- 17.Generally accepted accounting principles
- 18.The agency of the United States Government that oversees the U.S. financial markets is the
- 19.What organization issues U.S. accounting standards?
- 20.Two of the major characteristics that make accounting information useful are
- 21.If accounting information has relevance, it is useful in making predictions about