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;;Which of the following is an advantage of corporations relative to partnerships and sole proprietorships?;Lower taxes.;Most common form of organization.;Reduced legal liability for investors.;Harder to transfer ownership.;The group of users of accounting information charged with achieving the goals of the business is its;managers.;auditors.;creditors.;investors.;Which of the following financial statements is concerned with the company at a point in time?;Income statement.;Balance sheet.;Retained Earnings statement.;Statement of cash flows.;An income statement;reports the assets, liabilities, and stockholders? equity at a specific date.;presents the revenues and expenses for a specific period of time.;summarizes the changes in retained earnings for a specific period of time.;reports the changes in assets, liabilities, and stockholders? equity over a period of time.;The most important information needed to determine if companies can pay their current obligations is the;relationship between short-term and long-term liabilities.;relationship between current assets and current liabilities.;net income for this year.;projected net income for next year.;A liquidity ratio measures the;short-term ability of a company to pay its maturing obligations and to meet unexpected needs for cash.;ability of a company to survive over a long period of time.;percentage of total financing provided by creditors.;income or operating success of a company over a period of time.;The convention of consistency refers to consistent use of accounting principles;throughout the accounting periods.;among firms.;among accounting periods.;within industries.;Horizontal analysis is also known as;common size analysis.;linear analysis.;vertical analysis.;trend analysis.;Horizontal analysis is a technique for evaluating a series of financial statement data over a period of time;to determine which items are in error.;to determine the amount and/or percentage increase or decrease that has taken place.


Paper#80378 | Written in 18-Jul-2015

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