Kaplan University ACc499 Auditing Midterm project

Jun 27th, 2016
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Question 1. Question : An entity that is organized according to state or federal statutes and in which ownership is divided into shares of stock is a Student Answer: proprietorship. corporation. partnership. governmental unit. 2. Question : When a product is sold, this cost is often called Student Answer: cost of goods sold. revenue. products. retained earnings. 3. Question : Which of the following are business stakeholders? Student Answer: Stockholders Suppliers Customers All of these 4. Question : The role of accounting in business is best defined as Student Answer: an information system that provides reports to stakeholders about the economic activities and condition of a business. a method of forecasting the future profitability of a company. the policies, procedures, and strategies used in a business. transaction analysis. 5. Question : The following are examples of internal stakeholders EXCEPT: Student Answer: managers. creditors. employees. All of these

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Kaplan University ACc499 Auditing Midterm projectQuestion1. Question : An entity that is organized according to state or federal statutes and in whichownership is divided into shares of stock is aStudent Answer: proprietorship.corporation.partnership.governmental unit.2. Question : When a product is sold, this cost is often calledStudent Answer: cost of goods sold.revenue.products.retained earnings.3. Question : Which of the following are business stakeholders?Student Answer: StockholdersSuppliersCustomersAll of these4. Question : The role of accounting in business is best defined asStudent Answer: an information system that provides reports to stakeholders about the economicactivities and condition of a business.a method of forecasting the future profitability of a company.the policies, procedures, and strategies used in a business.transaction analysis.5. Question : The following are examples of internal stakeholders EXCEPT:Student Answer: managers.creditors.employees.All of these are internal stakeholders.6. Question : Costs incurred in operating a business are also known asStudent Answer: revenues.expenses.liabilities.dividends.7. Question : More than 70% of businesses are organized as what type of business?Student Answer: Community Not-for-profitCorporationGeneral PartnershipSole proprietorship8. Question : Which of the following must receive IRS permission AND is reportable in thefinancial records?Student Answer: The value of go

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