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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.