ACC 561 Week 1 Practice Quiz Paper 100% Score

ACC 561 Week 1 Practice Quiz Paper 100% Score

1. The proprietorship form of business organization2. Most business enterprises in the United States are3. A business organized as a separate legal entity is a4. Which of the following is the best definition of an internal user of accounting information?5. Which of the following groups uses accounting information primarily to insure the entity is operating within prescribed rules6. Which of the following groups uses accounting information to determine whether the company can pay its obligations7. Which of the following financial statements is divided into major categories of operating, investing, and financing activities?8. Ending retained earnings for a period is equal to9. The financial statement that summarizes the changes in retained earnings for a specific period of time is the10. To show how successfully your business performed during a period of time, you would report its revenues and expense in the11. Which financial statement is prepared first?12. An income statement shows13. Dawson Corporation has the following information available for 2011:(in millions)Issued common stock$45Retired common stock$65Paid dividends$75Net income$130Beginning common stock balance$575Beginning retained earnings balance$425Based in this information, what is Dawsons Common Stock balance at the end of the year?14. Declaring a cash dividend will15. 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:16. Which of the following organizations issues accounting standards for countries outside the United States?17. Generally accepted accounting principles18. The agency of the United States Government that oversees the U.S. financial markets is the19. What organization issues U.S. accounting standards?20. Two of the major characteristics that make accounting information useful are21. If accounting information has relevance, it is useful in making predictions about


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