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Question 1 A corporation: Is a business legally separate from its owners. Is controlled by the FASB.




Question 1 A corporation:?;Is a business legally separate from its owners.;Is controlled by the FASB.;Has shareholders who have unlimited liability for the acts of the corporation.;Is the same as a limited liability partnership.;Is not subject to double taxation.;???;Question 2 Risk is;Net income divided by average total assets.;The reward for investment.;The uncertainty about the expected return to be earned.;Unrelated to expected return.;Derived from the idea of getting something back from an investment.;Question 3 Owners of a corporation are called shareholders or stockholders.;True;False;Question 4 Of the following accounts, the one that normally has a credit balance is;Cash.;Office Equipment.;Wages Payable.;Owner, Withdrawals.;Sales Salaries Expense.;Question 5 A financial statement providing information that helps users understand a company's financial status, and which lists the types and amounts of assets, liabilities, and equity as of a specific date, is called a(n);Balance sheet.;Income statement.;Statement of cash flows.;Statement of owner's equity.;Financial Status Statement.;Question 6 Creditors' claims on the assets of a company are called;Net Losses.;Expenses.;Revenues.;Equity.;Liabilities.;Question 7 A customer's promise to pay is called an account payable to the seller.;True;False;Question 8. The account used to record the transfers of assets from a business to its owner is;A revenue account.;The owner's withdrawals account.;The owner's capital account.;An expense account.;A liability account.;Question 9 An income statement reports on investing and financing activities.;True;False.;Question 10 External auditors examine financial statements to verify that they are prepared according to generally accepted accounting principles.;True;False.;Question 11 If equity is $300,000 and liabilities are $192,000, then assets equal;$108,000.;$192,000.;$300,000.;$492,000.;$792,000.;Question 12 Operating activities;Are the means organizations use to pay for resources like land, buildings and equipment.;Involve using resources to research, develop, purchase, produce, distribute and market products and services.;Involve acquiring and disposing of resources that a business uses to acquire and sell its products or services.;Are also called asset management.;Are also called strategic management..;Question 13 If the liabilities of a business increased $75,000 during a period of time and the owner's equity in the business decreased $30,000 during the same period, the assets of the business must have:?;Decreased 105,000.;Decreased $45,000.;Increased $30,000.;Increased $45,000.;Increased $105,000.;Question 14 Generally accepted accounting principles are the basic assumptions, concepts, and guidelines for preparing financial statements.;True;False


Paper#74518 | Written in 18-Jul-2015

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