ACC 556 STR Course Great Wisdom / tutorialrank.com ACC 556 STR Course Great Wisdom / tutorialrank.com | Page 3

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
Which of the following would not be considered an external user of
accounting data for the Julian Company?
Question 11
Ashley‘s Accessory Shop started the year with total assets of
$140,000 and total liabilities of $80,000. During the year the business
recorded $220,000 in revenues, $110,000 in expenses, and dividends
of $40,000. The net income reported by Ashley‘s Accessory Shop for
the year was
Question 12
Stockholders‘ equity is comprised of
Question 13