ACC 290 Week 1 Practice Quiz
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Practice Question 05
In which forms of business organization are the owners personally liable for all the debts of the business?
|Sole proprietorships and corporations|
|Sole proprietorships and partnerships|
|Partnership and corporation|
|All of the answer choices are correct|
Practice Question 10
Which of the following is not an external user of accounting data?
|Chief Financial Officer|
Practice Question 26
The financial statements for Harold Corporation contained the following information:
|Accounts receivable||$ 5,000|
|Salaries and wages expense||20,000|
How much was Harold’s net income?
Practice Question 29
In which of the following sequences are the financial statements usually prepared?
|Balance sheet, statement of cash flows, income statement and retained earnings statement.|
|Balance sheet, retained earnings statement, statement of cash flows, and income statement.|
|Income statement, retained earnings statement, balance sheet, and statement of cash flows.|
|Income statement, balance sheet, retained earnings statement, and statement of cash flows.|
Which of the following are not considered to be primary users of financial statements in countries outside the U.S.?
|Central government planners|
Practice Question 14
For 2017, Stoneland Corporation reported net income, $24,000; net sales, $400,000; and average shares outstanding, 6,000. There were no preferred stock dividends. How much was the 2017 earnings per share?
Practice Question 23
The following ratios are available for Leer Inc. and Stable Inc.
|Current Ratio||Debt to Assets Ratio||Earnings per Share|
Compared to Stable Inc., Leer Inc. has
|lower liquidity, higher solvency, and higher profitability.|
|higher liquidity, higher solvency, but profitability cannot be compared based on information provided.|
|higher liquidity, lower solvency, and higher profitability.|
|higher liquidity and lower solvency, but profitability cannot be compared based on information provided.|
Practice Question 18
At December 31, 2017, Shorts Company had retained earnings of $2,184,000. During 2017, the company issued stock for $98,000, and paid dividends of $34,000. Net income for 2017 was $402,000. How much was the retained earnings balance at the beginning of 2017?
Practice Question 27
Which of the following ratios measures the ability of the company to survive over a long period of time?
Practice Question 38
What are the accounting rules that have substantial authoritative support and are recognized as a general guide for financial reporting purposes in the U. S.?
|Generally accepted auditing principles|
|Generally accepted accounting principles|
|General accounting principles|
|Generally accepted accounting standards|