Q 1.14: Ethics are the principles of conduct that are used to judge whether decisions are Q 1.15: When a company borrows money from a bank to purchase equipment, this action is called Q 1.16: Companies can borrow money if they need a source of outside funds. Borrowing money is Q 1.17: Purchasing plant assets that a company needs in order to operate is called Q 1.18: The main purpose of operating activities is to Q 1.19: Which of the following components supplement the financial statements in an annual report? Q 1.20: Which of the following is true of a partnership?
ACC 290 Chapter 1 Orion
• Question 1 Corporations generally receive more favorable tax treatment than sole proprietorships and partnerships.
• Question 2 In which forms of business organization are the owners personally liable for all the debts of the business?
• Question 3 Which of the following is not an external user of accounting data?
• Question 4 Which of the following is required as a result of SOX?
• Question 5 Which of the following is not one of the three primary business activities?
• Question 6 In terms of the principal types of business activities, paying salaries expense is an example of
• Question 7 How much was Harold’ s net income?
• Question 8 In which of the following sequences are the financial statements usually prepared?
• Question 9 What section of a cash flow statement shows the cash spent on new equipment during the past accounting period?
• Question 10 Which of the following are not considered to be primary users of financial statements in countries outside the U. S.?