1. The proprietorship form of business organization
- combines the records of the business with the personal records of the owner.
- is classified as a separate legal entity.
- must have at least two owners in most states.
- generally receives favorable tax treatment relative to a corporation.
- Most business enterprises in the United States are
- government units.
- partnerships.
- proprietorships and partnerships.
- corporations.
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- A business organized as a separate legal entity is
- government unit.
- partnership.
- corporation.
- proprietor.
- Which of the following is the best definition of an internal user of accounting information?
- 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.
- Labor unions who use accounting information to examine the ability of the company to pay increased wages and benefits.
- Investors who use accounting information to decide whether to buy or sell stock.
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- Which of the following groups uses accounting information primarily to insure the entity is operating within prescribed rules?
- Labor Unions
- Management
- Taxing authorities
- Regulatory agencies
- 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
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- Which of the following financial statements is divided into major categories of operating, investing, and financing activities?
- The retained earnings statement.
- The statement of cash flows.
- The income statement.
- The balance sheet.
- 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
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- The financial statement that summarizes the changes in retained earnings for a specific period of time is the
- balance sheet.
- statement of cash flows.
- income statement.
- retained earnings statement.
10. To show how successfully your business performed during a period of time, you would report its revenues and expense in the
- balance sheet.
- statement of cash flows.
- income statement.
- retained earnings statement.
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11. Which financial statement is prepared first?
- Statement of cash flows
- Balance sheet
- Income statement
- Retained earnings statement
12. An income statement shows
- revenues, expenses, and net income.
- assets, liabilities, and stockholders’ equity.
- expenses, dividends, and stockholders’ equity.
- revenues, liabilities, and stockholders’ equity.
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13. 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 blance | $425 |
Based in this information, what is Dawson’s Common Stock balance at the end of the year?
- $685
- $195
- $630
- $555
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14. Declaring a cash dividend will
- decrease retained earnings.
- increase common stock.
- decrease common stock.
- increase retained earnings.
15. At December 31, 2012 Lowery Company had retained earnings of $2,184,000. During 2012 they issued stock for $98,000, and paid dividends of $34,000. Net income for 2012 was $402,000. The retained earnings balance at the beginning of 2012 was:
- $2,454,000
- $1,914,000
- $2,552,000
- $1,816,000
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16. Which of the following organizations issues accounting standards for countries outside the United States?
- FASB
- IASB
- SEC
- GAAP
17. Generally accepted accounting principles
- have eliminated all errors in accounting.
- are accounting rules that are recognized as a general guide for financial reporting.
- are accounting rules formulated by the Internal Revenue Service.
- are sound in theory but rarely used in real life.
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18. The agency of the United States Government that oversees the U.S. financial markets is the
- Financial Accounting Standards Board.
- Internal Revenue Service
- Security Exchange Commission
- International Auditing Standards Committee.
19. What organization issues U.S. accounting standards?
- International Accounting Standards Committee.
- International Auditing Standards Committee.
- Financial Accounting Standards Board.
- Security Exchange Commission.
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20. Two of the major characteristics that make accounting information useful are
- Relevance and Faithful representation.
- Comparability and flexibility.
- Understandability and consistency.
- Verifiability and timeliness.
21. If accounting information has relevance, it is useful in making predictions about
- future IRS audits.
- foreign currency exchange rates.
- the future events of a company.
- new accounting principles.
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