ACC 561 WEEK 1 QUIZ
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1. 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.
2. Most business enterprises in the United States are
• government units.
• partnerships.
• proprietorships and partnerships.
• corporations.
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3. A business organized as a separate legal entity is
• government unit.
• partnership.
• corporation.
• proprietor.
4. 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.
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5. 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
6. 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
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7. 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.
8. Ending retained earnings for a period is...