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ACC/561 ACC561 ACC 561 Week 1 Quiz

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ACC 561 Week 1 Quiz 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. 45. Most business enterprises in the United States are government units. partnerships. proprietorships and partnerships. corporations. 46. A business organized as a separate legal entity is government unit. partnership. corporation. proprietor. 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. 63. Which of the following groups uses accounting information primarily to insure the entity is operating within prescribed rules? Labor Unions Management Taxing authorities Regulatory agencies 65. Which of the following groups uses accounting information to determine whether the company can pay its obligations? Chief Financial Officer Creditors Investors in common stock Marketing managers 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. The balance sheet. 101. Ending retained earnings for a period is equal to Beginning retained earnings – Net income – Dividends Beginning retained earnings + Net income – Dividends Beginning retained earnings – Net income + Dividends Beginning retained earnings + Net income + Dividends 105. The financial statement that summarizes the changes in retained earnings for a specific period of time is the balance sheet. statement of cash flows. income statement. retained earnings statement. 106. To show how successfully your business performed during a period of time, you would report its revenues and expense in the balance sheet. statement of cash flows. income statement. retained earnings statement. 116. Which financial statement is prepared first? Statement of cash flows Balance sheet Income statement Retained earnings statement 117. An income statement shows revenues, expenses, and net income. assets, liabilities, and stockholders’ equity. expenses, dividends, and stockholders’ equity. revenues, liabilities, and stockholders’ equity. 103. Dawson Corporation has the following information available for 2011: (in millions) Issued common stock $45 Retired common stock $65 Paid dividends $75 Net income $130 Beginning common stock balance $575 Beginning retained earnings blance $425 Based in this information, what is Dawson’s Common Stock balance at the end of the year? $685 $195 $630 $555 109. Declaring a cash dividend will decrease retained earnings. increase common stock. decrease common stock. increase retained earnings. 113. 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: $2,454,000 $1,914,000 $2,552,000 $1,816,000 158. Which of the following organizations issues accounting standards for countries outside the United States? FASB IASB SEC GAAP 159. Generally accepted accounting principles have eliminated all errors in accounting. are accounting rules that are recognized as a general guide for financial reporting. are accounting rules formulated by the Internal R

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