ACC 556 STR help A Guide to career/uophelp.com ACC 556 STR help A Guide to career/uophelp.com | Page 2

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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