Analyze characteristics Of a corporation questions

Analyze characteristics Of a corporation questions
Accounting is the information system that
a. measures business activities.
b. communicates the results to decision makers.
c. processes information into reports.
d. All of the above.
2. Which of the following is not an external user of a business’s financial information?
a. Taxing authorities
b. Customers
c. Employees
d. Investors
3. Generally Accepted Accounting Principles (GAAP) are currently formulated by the
a. Financial Accounting Standards Board (FASB).
b. Securities and Exchange Commission (SEC).
c. Institute of Management Accountants (IMA).
d. American Institute of Certified Public Accountants (AICPA).
Learning Objective 1
Learning Objective 1
Learning Objective 2
CHAPTER 1
Accounting and the Business Environment
31
4. Which type of business organization is owned by only one owner?
a. Corporation
b. Partnership
c. Sole proprietorship
d. Items a, b, and c are all correct.
5. Which of the following characteristics best describes a corporation?
a. A business with a single owner
b. Is not taxed
c. Stockholders not personally liable for entity’s debts
d. Not a separate taxable entity
6. Which of the following requires accounting information to be complete, neutral, and
free from material error?
a. Faithful representation concept
b. Cost principle
c. Economic entity assumption
d. Going concern assumption
7. At the end of a recent year, Global Cleaning Service, a full-service house and office
cleaning service, had total assets of $3,630 and equity of $2,280. How much were
Global Cleaning Service’s liabilities?
a. $5,910
b. $3,630
c. $1,350
d. $2,2
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