Acc/561 Exam
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| Multiple Choice Question 49 | | | | Your answer is correct. | | |
Which of the following is an advantage of corporations relative to partnerships and sole proprietorships? | Reduced legal liability for investors. | | Harder to transfer ownership. | | Lower taxes. | | Most common form of organization. | | | | | Multiple Choice Question 64 | |
| | Your answer is correct. | | |
The group of users of accounting information charged with achieving the goals of the business is its
| auditors. |
| managers. |
| investors. |
| creditors. | | Multiple Choice Question 110 | | | | Your answer is correct. | | |
Which of the following financial statements is concerned with the company at a point in time? | Retained Earnings statement. | | Income statement. | | Statement of cash flows. | | Balance sheet. | | | | Multiple Choice Question 112 | |
| | Your answer is correct. | | |
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. | Multiple Choice Question 112 | |
| | Your answer is correct. | | |
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. | Multiple Choice Question 124 | |
| | Your answer is correct. | | |
A liquidity ratio measures the
| short-term ability of a
| Multiple Choice Question 49 | | | | Your answer is correct. | | |
Which of the following is an advantage of corporations relative to partnerships and sole proprietorships? | Reduced legal liability for investors. | | Harder to transfer ownership. | | Lower taxes. | | Most common form of organization. | | | | | Multiple Choice Question 64 | |
| | Your answer is correct. | | |
The group of users of accounting information charged with achieving the goals of the business is its
| auditors. |
| managers. |
| investors. |
| creditors. | | Multiple Choice Question 110 | | | | Your answer is correct. | | |
Which of the following financial statements is concerned with the company at a point in time? | Retained Earnings statement. | | Income statement. | | Statement of cash flows. | | Balance sheet. | | | | Multiple Choice Question 112 | |
| | Your answer is correct. | | |
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. | Multiple Choice Question 112 | |
| | Your answer is correct. | | |
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. | Multiple Choice Question 124 | |
| | Your answer is correct. | | |
A liquidity ratio measures the
| short-term ability of a