ACC 561 Week 1 Quiz Latest

1. 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.

2. Most business enterprises in the United States are

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

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3. A business organized as a separate legal entity is

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

4. 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. 

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5. 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

6. 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 

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7. 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.

8. 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 

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9. 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.

10. 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. 

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11. Which financial statement is prepared first?

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

12. An income statement shows

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

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

	(in millions)
Issued common stock	$45
Retired common stock	$65
Paid dividends	$75
Net income	$130
Beginning common stock balance	$575
Beginning retained earnings blance	$425

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

• $685
• $195
• $630
• $555 

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14. Declaring a cash dividend will

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

15. 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 

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

• FASB
• IASB
• SEC
• GAAP

17. 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. 

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18. 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.

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

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

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

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

21. 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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