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ACG 2021 Ch 1 Quiz Latest Update with Complete Solutions
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ACG 2021 Ch 1 Quiz Latest Update with Complete Solutions What is a notable tax advantage of a sole proprietorship compared to a corporation? Generally, it receives more favorable tax treatment than a corporation. Which business structure has owners known as stockholders? Only corporatio...

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  • August 7, 2024
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  • 2024/2025
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ACG 2021 Ch 1 Quiz Latest Update with
Complete Solutions
What is a notable tax advantage of a sole proprietorship compared to a corporation? ✔✔

Generally, it receives more favorable tax treatment than a corporation.




Which business structure has owners known as stockholders? ✔✔ Only corporations.




In which section of the cash flow statement would you find the cash collected from customers

during the latest accounting period? ✔✔ The operating section.




What best defines stockholders' equity? ✔✔ It represents the owners' claims on the company.




How would you best describe accounting information? ✔✔ An information system that

identifies, records, and communicates the economic events of an organization to interested users.




How should a company report the issuance of common stock on its cash flow statement? ✔✔ As

a financing activity.




1

, If Chris's Maid Service started the year with assets worth $100,000 and stockholders' equity of

$40,000, earned $110,000 in net income, paid $5,000 in dividends, and ended the year with total

assets of $240,000, what would be the total liabilities at year-end? ✔✔ $95,000.




At year-end, Stoneland Corporation has assets of $6,500 and liabilities of $2,000. What is the

company's equity at the end of the year? ✔✔ $4,500.




If total liabilities decreased by $10,000 and total assets decreased by $5,000 over a period, how

must total stockholders' equity have changed during the same period? ✔✔ It must have increased

by $5,000.




When does a company achieve net income? ✔✔ When its revenues exceed its expenses.




Which of the following is not considered one of the three main business activities listed on the

statement of cash flows? ✔✔ Advertising activities.




Who among the following is not an external user of accounting data? ✔✔ Chief financial officer.




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