ACC 561 Week 1 Wileyplus Practice Quiz
For more course tutorials visit
www.uophelp.com
1. The proprietorship form of business organization
2. Most business enterprises in the United States are
3. A business organized as a separate legal entity is a
4. Which of the following is the best definition of an internal user
of accounting information?
5. Which of the following groups uses accounting information
primarily to insure the entity is operating within prescribed rules?
6. Which of the following groups uses accounting information to
determine whether the company can pay its obligations?
7. Which of the following financial statements is divided into
major categories of operating, investigating, and financing activities?
8. Ending retained earnings for a period is equal to:
9. The financial statement that summarizes the changes in retained
earnings for a specific period of time is the
10. To show how successfully your business performed during a
period of time, you would report its revenues and expenses in the
11. Which financial statement is prepared first?
12. An income statement shows
13. Dawson Corporation has the following information available for
2011:
Based on this information, what is Dawson’s Common Stock balance
at the end of the year?
14. Declaring a cash dividend will
15. At December 31, 2012 Lowery Company had retained earnings
of $2,184,000. During 2012 they issued stock for $98,000, and paid
dividends of $34,000. Net income for 2012 was $402,000. The
retained earnings balance at the beginning of 2012 was:
16. Which of the following organizations issues accounting standards
for countries outside the United States?
17. Generally accepted accounting principles
18. The agency of the United State Government that oversees the
U.S. financial markets is the