Question 1

Advantages of the corporate form of business organization include ________.

Accepted Answer

A) double taxation 
B) limited liability for shareholders 
C) separation of ownership and management 
D) Two or more of these are correct. 
A) double taxation 
B) limited liability for shareholders 
C) separation of ownership and management 
D) Two or more of these are correct.

Question 2

Which of the following is true about a sole proprietorship?

Accepted Answer

A) A sole proprietorship is a company owned by two or more individuals. 
B) The owner's liability is limited to the amounts invested in the business. 
C) Income from a sole proprietorship is distributed to the owner in the form of a dividend. 
D) The income from a sole proprietorship is taxed on the owner's personal income tax return. 
A) A sole proprietorship is a company owned by two or more individuals. 
B) The owner's liability is limited to the amounts invested in the business. 
C) Income from a sole proprietorship is distributed to the owner in the form of a dividend. 
D) The income from a sole proprietorship is taxed on the owner's personal income tax return.

Question 3

Match each of the following accounts with the appropriate financial statement.
(Remember that certain accounts may be found on more than one statement.)
-Cash

Accepted Answer

A) Balance sheet 
B) Income statement 
C) Statement of changes in shareholders' equity 
D) Statement of cash flows 
A) Balance sheet 
B) Income statement 
C) Statement of changes in shareholders' equity 
D) Statement of cash flows

Question 4

Identify the three forms of business organization.

Accepted Answer

The three forms of b

Question 5

The outputs of a firm are its ________.

Accepted Answer

A) capital contributions 
B) services provided to customers 
C) delivery of products to customers 
D) Two or more of these are correct. 
A) capital contributions 
B) services provided to customers 
C) delivery of products to customers 
D) Two or more of these are correct.

Question 6

Eddie Bells started her own catering business called Delectable Edibles.Analyze each of the following transactions for the first month of business.Prepare a complete set of financial statements for the month of March (Income Statement,Statement of Changes in Shareholders' Equity,Statement of Cash Flows and Balance Sheet).Eddie contributed $13,000 of her own money to start Delectable Edibles,which is organized as a corporation.

Accepted Answer

The answer of Eddie Bells started her own catering business...

Question 7

An income statement ________.

Accepted Answer

A) describes the financial situation of a company at a specific point in time 
B) is a summary of all of the revenues minus all of the expenses for an accounting period 
C) shows the changes that took place in the amount of shareholders' equity during a period 
D) is a list of all the cash collected and cash paid during a period 
A) describes the financial situation of a company at a specific point in time 
B) is a summary of all of the revenues minus all of the expenses for an accounting period 
C) shows the changes that took place in the amount of shareholders' equity during a period 
D) is a list of all the cash collected and cash paid during a period

Question 8

The inputs of a firm include ________.

Accepted Answer

A) revenues 
B) liabilities 
C) inventory and supplies 
D) All of these are correct. 
A) revenues 
B) liabilities 
C) inventory and supplies 
D) All of these are correct.

Question 9

Which of the following is legally a separate entity from its owner(s)?

Accepted Answer

A) sole proprietorship 
B) partnership 
C) corporation 
D) Two of these are correct. 
A) sole proprietorship 
B) partnership 
C) corporation 
D) Two of these are correct.

Question 10

Match between columns
                        Premises: Doolittle & Baroque Legal Services
Sony
B.Rich's Grocery Store

Accepted Answer

The Answer of Corporation and Sole proprietorship and Partnership is...

Question 11

Which organization should keep its financial records separate from the personal financial affairs of the owner(s)?

Accepted Answer

A) sole proprietorship 
B) partnership 
C) corporation 
D) All of these are correct. 
A) sole proprietorship 
B) partnership 
C) corporation 
D) All of these are correct.

Question 12

A partnership ________.

Accepted Answer

A) is a business owned by two or more individuals 
B) has owners who are legally liable for everything the company does 
C) may be organized under a partnership agreement 
D) is all of these 
A) is a business owned by two or more individuals 
B) has owners who are legally liable for everything the company does 
C) may be organized under a partnership agreement 
D) is all of these

Question 13

Describe the format of the balance sheet.

Accepted Answer

The balance sheet is composed

Question 14

Squid Roe,Inc.paid $500 cash for janitorial services.The effect of this transaction on the accounting equation is:

Accepted Answer

A) Total shareholders' equity   
B) Total shareholders' equity   
C) Total shareholders' equity   
D) Total shareholders' equity   
A) Total shareholders' equity   
B) Total shareholders' equity   
C) Total shareholders' equity   
D) Total shareholders' equity

Question 15

Ira Roth,CPA,is an example of a ________.

Accepted Answer

A) sole proprietorship 
B) partnership 
C) corporation 
D) not-for-profit 
A) sole proprietorship 
B) partnership 
C) corporation 
D) not-for-profit

Question 16

The four financial statements used to report a company's financial condition include ________.

Accepted Answer

A) balance sheet,income statement,statement of changes in shareholders' equity,and statement of cash flows 
B) changes in balance sheet,statement of flows,statement of changes in balances,and statement of cash flows 
C) balance sheet,statement of earnings,statement of changes in shareholders' equity,and statement of budgets 
D) income sheet,balance of earnings,statement of changes in shareholders' equity,and statement of cash flows 
A) balance sheet,income statement,statement of changes in shareholders' equity,and statement of cash flows 
B) changes in balance sheet,statement of flows,statement of changes in balances,and statement of cash flows 
C) balance sheet,statement of earnings,statement of changes in shareholders' equity,and statement of budgets 
D) income sheet,balance of earnings,statement of changes in shareholders' equity,and statement of cash flows

Question 17

The stock exchange is ________.

Accepted Answer

A) where companies may issue stock 
B) regulated by the Securities and Exchange Commission (SE
C)  
C) where buyers and sellers exchange their shares of stock. 
D) All of these are correct. 
A) where companies may issue stock 
B) regulated by the Securities and Exchange Commission (SE
C)  
C) where buyers and sellers exchange their shares of stock. 
D) All of these are correct.

Question 18

Daily Grind,Inc.began by selling $15,000 of common stock to its owners in exchange for cash.The effect of this transaction on the accounting equation is:

Accepted Answer

A) Total shareholders' equity   
B) Total shareholders' equity   
C) Total shareholders' equity   
D) Total shareholders' equity   
A) Total shareholders' equity   
B) Total shareholders' equity   
C) Total shareholders' equity   
D) Total shareholders' equity

Question 19

On March 1,Team Shirts had a beginning balance in retained earnings of $1,200.During March,Team Shirts paid $200 in dividends and had net income of $2,000.The March 31 balance in retained earnings was ________.

Accepted Answer

A) $3,000 
B) $3,200 
C) $3,400 
D) $1,200 
A) $3,000 
B) $3,200 
C) $3,400 
D) $1,200

Question 20

Identify the effects of each transaction on total assets,total liabilities,and total shareholders' equity by writing increase or decrease.

Accepted Answer

The answer of Identify the effects of each transaction on...

Advantages of the corporate form of business organization include ________.

Which of the following is true about a sole proprietorship?

Match each of the following accounts with the appropriate financial statement. (Remember that certain accounts may be found on more than one statement.) -Cash

Identify the three forms of business organization.

The outputs of a firm are its ________.

An income statement ________.

The inputs of a firm include ________.

Which of the following is legally a separate entity from its owner(s)?

Which organization should keep its financial records separate from the personal financial affairs of the owner(s)?

A partnership ________.

Describe the format of the balance sheet.

Squid Roe,Inc.paid $500 cash for janitorial services.The effect of this transaction on the accounting equation is:

Ira Roth,CPA,is an example of a ________.

The four financial statements used to report a company's financial condition include ________.

The stock exchange is ________.

Daily Grind,Inc.began by selling $15,000 of common stock to its owners in exchange for cash.The effect of this transaction on the accounting equation is:

On March 1,Team Shirts had a beginning balance in retained earnings of $1,200.During March,Team Shirts paid $200 in dividends and had net income of $2,000.The March 31 balance in retained earnings was ________.

Identify the effects of each transaction on total assets,total liabilities,and total shareholders' equity by writing increase or decrease.

Qualities of Accounting Information

Accruals and Deferrals: Timing Is Everything in Accounting

Payment for Goods and Services: Cash and Accounts Receivable

The Purchase and Sale of Inventory

Acquisition and Use of Long-Term Assets

Accounting for Liabilities

Accounting for Shareholders Equity

Preparing and Analyzing the Statement of Cash Flows

Using Financial Statement Analysis to Evaluate Firm Performance

Quality of Earnings, corporate Governance, and Ifrs

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Exam 1: Business: Whats It All About

Advantages of the corporate form of business organization include ________.

Which of the following is true about a sole proprietorship?

Match each of the following accounts with the appropriate financial statement. (Remember that certain accounts may be found on more than one statement.) -Cash

Identify the three forms of business organization.

The outputs of a firm are its ________.

An income statement ________.

The inputs of a firm include ________.

Which of the following is legally a separate entity from its owner(s)?

Which organization should keep its financial records separate from the personal financial affairs of the owner(s)?

A partnership ________.

Describe the format of the balance sheet.

Squid Roe,Inc.paid $500 cash for janitorial services.The effect of this transaction on the accounting equation is:

Ira Roth,CPA,is an example of a ________.

The four financial statements used to report a company's financial condition include ________.

The stock exchange is ________.

Daily Grind,Inc.began by selling $15,000 of common stock to its owners in exchange for cash.The effect of this transaction on the accounting equation is:

On March 1,Team Shirts had a beginning balance in retained earnings of $1,200.During March,Team Shirts paid $200 in dividends and had net income of $2,000.The March 31 balance in retained earnings was ________.

Identify the effects of each transaction on total assets,total liabilities,and total shareholders' equity by writing increase or decrease.

Qualities of Accounting Information

Accruals and Deferrals: Timing Is Everything in Accounting

Payment for Goods and Services: Cash and Accounts Receivable

The Purchase and Sale of Inventory

Acquisition and Use of Long-Term Assets

Accounting for Liabilities

Accounting for Shareholders Equity

Preparing and Analyzing the Statement of Cash Flows

Using Financial Statement Analysis to Evaluate Firm Performance

Quality of Earnings, corporate Governance, and Ifrs

Filters