Exam 1: Accounting and Business

Which of the following is an external stakeholder in a supermarket?

One of the following is not one of the financial statements required for external reporting today.

A business entity which is legally separate and distinct from its owners is called a:

IFRS stands for:

Which of the following would best describe the type of business Disney operates?

Describe what constitutes a stakeholder and then identify which of the following would be a stakeholder for a business that uses the corporate business structure.Explain the basis for each of your choices. a.The Internal Revenue Service b.Mayor of town in which corporation is located c.The Chief Executive Officer of the company d.President of competing business.

The function of business responsible for providing the information used by other functional areas to perform their jobs is referred to as:

Which of the following has the longest product life cycle?

Which of the following is not subject to double taxation?

This computer assisted technique improves the speed and precision of the production process.

A business owned by two or more individuals whose personal possessions are at risk if the business fails is called a:

Describe the five functional areas of business.In which of the five functional areas does each of the following individuals work? (a.) The personnel director (b.) The assistant controller (c.) The sales manager (d.) The production manager (e.) The treasurer

Zeman Dance Hall Inc sponsors monthly dances and has generated data for the most recent year.Using this data determine Zeman's net income.What does the net income represent? Revenues from admissions to dances $955,000 Utilities Expense $110,000 Fees paid to bands $360,000 Building - Dance Hall $1,300,000 Notes Payable $300,000 Advertising Expense $105,000 Office Supplies $10,000 Instrument Rental Cost $20,000 Office Equipment $200,000 Salaries Expense $150,000

Which of the following is a characteristic of the corporate form of business?

List and define the two primary qualities of useful accounting information.

Describe the three primary ownership structures and discuss the advantages and disadvantages of each.

Unlimited life is a characteristic of which type of business entity?

The statements of financial accounting standards,and other authoritative pronouncements that define what constitutes acceptable accounting practice for financial reporting are collectively referred to as:

A business owned by one person whose personal possessions are at risk if the business fails is called a:

Which of the following is an objective of financial reporting specified in Concept Statement #1?