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ACC 561 Week 1 Quiz

ACC 561 Week 1 Quiz

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ACC 561 Week 1 Quiz -

41. The proprietorship form of business organization

  • combines the records of the business with the personal records of the owner.
  • is classified as a separate legal entity.
  • must have at least two owners in most states.
  • generally receives favorable tax treatment relative to a corporation.             

45. Most business enterprises in the United States are

  • government units.
  • partnerships.
  • proprietorships and partnerships.
  • corporations.            

46. A business organized as a separate legal entity is

  • government unit.
  • partnership.
  • corporation.
  • proprietor.            

57. Which of the following is the best definition of an internal user of accounting information?

  • Creditors like banks that use accounting information to evaluate the risk of lending money.
  • Managers who use accounting information to plan, organize, and run a business.
  • Labor unions who use accounting information to examine the ability of the company to pay increased wages and benefits.
  • Investors who use accounting information to decide whether to buy or sell stock.             

63. Which of the following groups uses accounting information primarily to insure the entity is operating within prescribed rules?

  • Labor Unions
  • Management
  • Taxing authorities
  • Regulatory agencies             

65. Which of the following groups uses accounting information to determine whether the company can pay its obligations?

  • Chief Financial Officer
  • Creditors
  • Investors in common stock
  • Marketing managers             

99. Which of the following financial statements is divided into major categories of operating, investing, and financing activities?

  • The retained earnings statement.
  • The statement of cash flows.
  • The income statement.
  • The balance sheet.

101. Ending retained earnings for a period is equal to

  • Beginning retained earnings – Net income – Dividends
  • Beginning retained earnings + Net income – Dividends
  • Beginning retained earnings – Net income + Dividends
  • Beginning retained earnings + Net income + Dividends

105. The financial statement that summarizes the changes in retained earnings for a specific period of time is the

  • balance sheet.
  • statement of cash flows.
  • income statement.
  • retained earnings statement.             

106. To show how successfully your business performed during a period of time, you would report its revenues and expense in the

  • balance sheet.
  • statement of cash flows.
  • income statement.
  • retained earnings statement.            

116. Which financial statement is prepared first?

  • Statement of cash flows
  • Balance sheet
  • Income statement
  • Retained earnings statement             

117. An income statement shows

  • revenues, expenses, and net income.
  • assets, liabilities, and stockholders’ equity.
  • expenses, dividends, and stockholders’ equity.
  • revenues, liabilities, and stockholders’ equity.           

103. Dawson Corporation has the following information available for 2011:


(in millions)

Issued common stock


Retired common stock


Paid dividends


Net income


Beginning common stock balance


Beginning retained earnings blance


Based in this information, what is Dawson's Common Stock balance at the end of the year?

  • $685
  • $195
  • $630
  • $555             

109. Declaring a cash dividend will

  • decrease retained earnings.
  • increase common stock.
  • decrease common stock.
  • increase retained earnings.            

113. 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:

  • $2,454,000
  • $1,914,000
  • $2,552,000
  • $1,816,000             

158. Which of the following organizations issues accounting standards for countries outside the United States?

  • FASB
  • IASB
  • SEC
  • GAAP

159. Generally accepted accounting principles

  • have eliminated all errors in accounting.
  • are accounting rules that are recognized as a general guide for financial reporting.
  • are accounting rules formulated by the Internal Revenue Service.
  • are sound in theory but rarely used in real life.           

160. The agency of the United States Government that oversees the U.S. financial markets is the

  • Financial Accounting Standards Board.
  • Internal Revenue Service
  • Security Exchange Commission
  • International Auditing Standards Committee.           

161. What organization issues U.S. accounting standards?

  • International Accounting Standards Committee.
  • International Auditing Standards Committee.
  • Financial Accounting Standards Board.
  • Security Exchange Commission.             

164. Two of the major characteristics that make accounting information useful are

  • Relevance and Faithful representation.
  • Comparability and flexibility.
  • Understandability and consistency.
  • Verifiability and timeliness.            

171. If accounting information has relevance, it is useful in making predictions about

  • future IRS audits.
  • foreign currency exchange rates.
  • the future events of a company.
  • new accounting principles.

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