ACC 561 FINAL EXAM (NEW)

Jul 21st, 2016
Studypool Tutor
Price: $20 USD

Tutor description

Question 1 Which of the following is an advantage of corporations relative to partnerships and sole Harder to transfer Lower taxes. Most common form of organization. Reduced legal liability for investors. Question 2 The group of users of accounting information charged with achieving the goals of the business is its creditors. investors. managers. auditors. Question 3 Which of the following financial statements is concerned with the company at a point in time? Balance sheet. Income statement. Retained Earnings statement. Statement of cash flows. Question 4 An income statement presents the revenues and expenses for a specific 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. reports the changes in assets, liabilities, and stockholders’ equity over a period of time. Question 5 The most important information needed to determine if companies can pay

Word Count: 1521
Showing Page: 1/8
ACC 561 FINAL EXAM (NEW)Question 1Which of the following is an advantage of corporations relative to partnerships and soleHarder to transferLower taxes.Most common form of organization.Reduced legal liability for investors.Question 2The group of users of accounting information charged with achieving the goals of thebusiness is itscreditors.investors.managers.auditors.Question 3Which of the following financial statements is concerned with the company at a point intime?Balance sheet.Income statement.Retained Earnings statement.Statement of cash flows.Question 4An income statementpresents the revenues and expenses for a specific 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.reports the changes in assets, liabilities, and stockholders equity over a period of time.Question 5The most important information needed to determine if companies can pay their currentobligations is theprojected net income for next year.net income for this year.relationship between current assets and current liabilities.relationship between short-term and long-term liabilities.Question 6A liquidity ratio measures theincome or operating success of a company over a period of time.percentage of total financing provided by creditors.ability of a company to survive over a long period of time.short-term ability of a company to pay its maturing obliga

Review from student

Studypool Student
" Goes above and beyond expectations ! "
Ask your homework questions. Receive quality answers!

Type your question here (or upload an image)

1826 tutors are online

Brown University





1271 Tutors

California Institute of Technology




2131 Tutors

Carnegie Mellon University




982 Tutors

Columbia University





1256 Tutors

Dartmouth University





2113 Tutors

Emory University





2279 Tutors

Harvard University





599 Tutors

Massachusetts Institute of Technology



2319 Tutors

New York University





1645 Tutors

Notre Dam University





1911 Tutors

Oklahoma University





2122 Tutors

Pennsylvania State University





932 Tutors

Princeton University





1211 Tutors

Stanford University





983 Tutors

University of California





1282 Tutors

Oxford University





123 Tutors

Yale University





2325 Tutors