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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 Question 7 The accounting equation may be expressed as Question 8 Which of the following activities involves collecting the necessary funds to support the business? Question 9 Which of the following is an asset? Question 10

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