ACC 561 Week 1 Practice Quiz WileyPLUS

Topics: Income statement, Generally Accepted Accounting Principles, Financial statements Pages: 15 (698 words) Published: November 10, 2014

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.

The retained earnings statement.

Multiple Choice Question 101

Ending retained earnings for a period is equal to:

Beginning retained earnings + Net income – Dividends

Beginning retained earnings – Net income – Dividends

Beginning retained earnings – Net income + Dividends

Beginning retained earnings + Net income + Dividends

Multiple Choice Question 105

The financial statement that summarizes the changes in retained earnings for a specific period of time is the

income statement.

retained earnings statement.

statement of cash flows.

balance sheet.

Multiple Choice Question 106

To show how successfully your business performed during a period of time, you would report its revenues and expense in the

retained earnings statement.

balance sheet.

income statement.

statement of cash flows.

Multiple Choice Question 116

Which financial statement is prepared first?

Balance sheet

Statement of cash flows

Income statement

Retained earnings statement

Multiple Choice Question 117

An income statement shows

assets, liabilities, and stockholders’ equity.

revenues, liabilities, and stockholders’ equity.

expenses, dividends, and stockholders’ equity.

revenues, expenses, and net income.

Multiple Choice Question 103
Dawson Corporation has the following information available for 2011:

 
(in millions)

Issued common stock
$45

Retired common stock
$65

Paid dividends
$75

Net income
$130

Beginning common stock balance
$575

Beginning retained earnings balance
$425

Based in this information, what is Dawson's Common Stock balance at the end of the year?

$630

$195

$685

$555

Multiple Choice Question 109

Declaring a cash dividend will...
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