ACC 556 Chapter 13 Quiz (100% Score)
ACC 556 Chapter 21 Quiz (100% Score)
ACC 556 Chapter 22 Quiz (100% Score)
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ACC 556 Chapter 1 Quiz (100% Score)
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Chapter 1 Quiz
Question 1
A business organized as a separate legal entity owned by stockholders is a
partnership.
Question 2
Accounting communicates financial information about a business to both
internal and external users.
Question 3
The primary purpose of the statement of cash flows is to provide information
about the cash receipts and cash payments of a company for a specific period
of time.
Question 4
One way of stating the accounting equation is: Assets + Liabilities =
Stockholders‘ Equity.
Question 5
Claims of creditors and owners on the assets of a business are called liabilities.
Question 6
A business organized as a corporation