ACC 561 Assignment: Week 1 Practice Quiz
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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.
Multiple Choice Question 45
Most business enterprises in the United States are
proprietorships and partnerships
Multiple Choice Question 46
A business organized as a separate legal entity is a
Multiple Choice Question 57
Which of the following is the best definition of an internal user of accounting informationCreditors 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.
Multiple Choice Question 63
Which of the following groups uses accounting information primarily to insure the entity is operating within prescribed rulesLabor Unions
Multiple Choice Question 65
Which of the following groups uses accounting information to determine whether the company can pay its obligationsChief Financial Officer
Investors in common stock
Multiple Choice Question 99
Which of the following financial statements is divided into major categories of operating, investing, and financing activitiesThe retained earnings statement.
The statement of…