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Acc561 Chapter 1 Self Test Essay

548 words - 3 pages

CHAPTER 1 SELF TEST
1.   | (SO 1)Which is not one of the three forms of business organization? a. Sole proprietorship. b. Creditorship. c. Partnership. d. Corporation. |   |
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2.   | (SO 1)Which is an advantage of corporations relative to partnerships and sole proprietorships? a. Lower taxes. b. Harder to transfer ownership. c. Reduced legal liability for investors. d. Most common form of organization. |   |
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3.   | (SO 2)Which statement about users of accounting information is incorrect? a. Management is considered an internal user. b. Taxing authorities are considered external users. c. Present creditors are considered external users. d. Regulatory authorities are considered internal users. |   |
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4.   | (SO 2)Which of the following did not result from the Sarbanes-Oxley Act? a. Top management must now certify the accuracy of financial information. b. ...view middle of the document...

assets exceed liabilities. b. assets exceed revenues. c. expenses exceed revenues. d. revenues exceed expenses. |   |
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8.   | (SO 4)The financial statements for Joseph Corporation contained the following information. Accounts receivable | $ 5,000 |
Sales revenue | 75,000 |
Cash | 15,000 |
Salaries and wages expense | 20,000 |
Rent expense | 10,000 |
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What was Joseph Corporation's net income? a. $60,000. b. $65,000. c. $15,000. d. $45,000. |   |
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9.   |  (SO 4, 5)What section of a statement of cash flows indicates the cash spent on new equipment during the past accounting period? a. The investing section. b. The operating section. c. The financing section. d. The cash flow statement does not give this information. |   |
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10.   | (SO 4, 5)Which statement presents information as of a specific point in time? a. Income statement. b. Balance sheet. c. Statement of cash flows. d. Retained earnings statement. |   |
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11.   | (SO 5)Which financial statement reports assets, liabilities, and stockholders' equity? a. Income statement. b. Retained earnings statement. c. Balance sheet. d. Statement of cash flows. |   |
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12.   | (SO 5)Stockholders' equity represents: a. claims of creditors. b. claims of employees. c. the difference between revenues and expenses. d. claims of owners. |   |
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13.   | (SO 5)As of December 31, 2012, Stoneland Corporation has assets of $3,500 and stockholders' equity of $1,500. What are the liabilities for Stoneland Corporation as of December 31, 2012? a. $1,500. b. $1,000. c. $2,500. d. $2,000. |   |
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14.   | (SO 6)The element of a corporation's annual report that describes the corporation's accounting methods is the: a. notes to the financial statements. b. management discussion and analysis. c. auditor's report. d. income statement. |   |
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15.   | (SO 6)The element of the annual report that presents an opinion regarding the fairness of the presentation of the financial position and results of operations is/are the: a. income statement. b. auditor's opinion. c. balance sheet. d. comparative statements. |

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