Access over 20 million homework & study documents

search

ACC 561 Final Exam

Type

Exam Practice

Rating

Showing Page:
1/18
Question 1
Which of the following is an advantage of corporations relative to partnerships and sole
proprietorships?
Reduced legal liability for investors.
Most common form of organization.
Harder to transfer ownership.
Question 2
Your answer is correct.
The group of users of accounting information charged with achieving the goals of the business is
its

Sign up to view the full document!

lock_open Sign Up
Question 3
Your answer is correct.
Which of the following financial statements is concerned with the company at a point in time?
Retained Earnings statement.
Statement of cash flows.
Question 4
Your answer is correct.
An income statement

Sign up to view the full document!

lock_open Sign Up
reports the changes in assets, liabilities, and stockholders’ equity over a period of time.
summarizes the changes in retained earnings for a specific period of time.
reports the assets, liabilities, and stockholders’ equity at a specific date.
presents the revenues and expenses for a specific period of time.
Question 5
Your answer is correct.
The most important information needed to determine if companies can pay their current
obligations is the
projected net income for next year.
relationship between current assets and current liabilities.
net income for this year.
relationship between short-term and long-term liabilities.
Question 6

Sign up to view the full document!

lock_open Sign Up
User generated content is uploaded by users for the purposes of learning and should be used following Studypool's honor code & terms of service.

Anonymous
Very useful material for studying!

Studypool
4.7
Trustpilot
4.5
Sitejabber
4.4