ACC 561 Week 1 Practice Quiz WileyPLUS
WileyPLUS Assignment: Week 1 Practice Quiz
Resource: WileyPLUS Complete the Week 1 Practice Quiz in WileyPLUS
Multiple Choice Question 41
The proprietorship form of business organization
must have at least two owners in most states.
is classified as a separate legal entity.
combines the records of the business with the personal records of the owner.
generally receives favorable tax treatment relative to a corporation.
Multiple Choice Question 45
Most business enterprises in the United States are
government units.
proprietorships and partnerships.
partnerships.
corporations.
Multiple Choice Question 46
A business organized as a separate legal entity is a
corporation.
proprietor.
government unit.
partnership.
Multiple Choice Question 57
Which of the following is the best definition of an internal user of accounting information?
Labor unions who use accounting information to examine the ability of the company to pay increased wages and benefits.
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.
Investors who use accounting information to decide whether to buy or sell stock.
Multiple Choice Question 63
Which of the following groups uses accounting information primarily to insure the entity is operating within prescribed rules?
Management
Labor Unions
Taxing authorities
Regulatory agencies
Multiple Choice Question 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
Multiple Choice Question 99
Which of the following financial statements is divided into major categories of operating, investing, and financing activities?
The income statement.
The balance sheet.
The statement of cash flows.
Resource: WileyPLUS Complete the Week 1 Practice Quiz in WileyPLUS
Multiple Choice Question 41
The proprietorship form of business organization
must have at least two owners in most states.
is classified as a separate legal entity.
combines the records of the business with the personal records of the owner.
generally receives favorable tax treatment relative to a corporation.
Multiple Choice Question 45
Most business enterprises in the United States are
government units.
proprietorships and partnerships.
partnerships.
corporations.
Multiple Choice Question 46
A business organized as a separate legal entity is a
corporation.
proprietor.
government unit.
partnership.
Multiple Choice Question 57
Which of the following is the best definition of an internal user of accounting information?
Labor unions who use accounting information to examine the ability of the company to pay increased wages and benefits.
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.
Investors who use accounting information to decide whether to buy or sell stock.
Multiple Choice Question 63
Which of the following groups uses accounting information primarily to insure the entity is operating within prescribed rules?
Management
Labor Unions
Taxing authorities
Regulatory agencies
Multiple Choice Question 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
Multiple Choice Question 99
Which of the following financial statements is divided into major categories of operating, investing, and financing activities?
The income statement.
The balance sheet.
The statement of cash flows.