Accounting for Managers
Essay by Woxman • June 20, 2012 • Essay • 678 Words (3 Pages) • 1,764 Views
1. Sole proprietorships and partnerships are taxable entities.
True
x False
Score: 0 of 1
________________________________________
2. Internal users of accounting information include a company's investors (or stockholders).
True
x False
Score: 1 of 1
________________________________________
3. Interest expense would be classified under operating activities.
x True
False
Score: 1 of 1
________________________________________
4. The balance sheet reports assets and claims to those assets at a specific point in time.
x True
False
Score: 1 of 1
________________________________________
5. The notes to the financial statements are not required.
True
x False
Score: 1 of 1
________________________________________
6. The Statement of Cash Flows reports only cash flows from operations.
True
x False
Score: 1 of 1
________________________________________
7. Only Certified Public Accountants may perform audits.
x True
False
Score: 1 of 1
________________________________________
8. Easy transfer of ownership is a characteristic of which form of business organization?
Sole proprietorship
Partnership
Corporation
All of the above
Score: 1 of 1
________________________________________
9. In which forms of business organization are the owners personally liable for all the debts of the business?
Sole proprietorship and corporation
Sole proprietorship and partnerships
Partnership and corporation
All of them
Score: 1 of 1
________________________________________
10. Internal users want answers to which of the following questions?
What price for our product will maximize the company's net income?
Which product line is most profitable?
Is cash sufficient to pay dividends to stockholders?
All of the above.
Score: 1 of 1
________________________________________
11. Which of the following is not an external user of accounting data?
Customers
Economic planners
Finance directors
Labor unions
Score: 1 of 1
________________________________________
12. Paying interest expense and receiving interest revenue are examples of:
Operating activities
Delivery activities
Financing activities
Investing activities
Score: 1 of 1
________________________________________
13. The payment of dividends is an example of a(n):
Investing activity
Financing activity
Operating activity
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