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ACG 2021 ch 1 quiz; Questions & Answers 100% Correct

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ACG 2021 ch 1 quiz; Questions & Answers 100% Correct The sole proprietorship form of business organization CORRECT ANSWER-generally receives favorable tax treatment relative to a corporation Which forms of business organization have owners called stockholders? CORRECT ANSWER-Only corporation...

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  • August 9, 2024
  • 5
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

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  • acg 2021 ch 1 quiz
  • questions answers 100 correct

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  • ACG 2021

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ACG 2021 ch 1 quiz; Questions & Answers
100% Correct
The sole proprietorship form of business organization CORRECT ANSWER-generally
receives favorable tax treatment relative to a corporation




Which forms of business organization have owners called stockholders? CORRECT
ANSWER-Only corporations




What section of a cash flows statement shows the amount of cash collected from customers
during the most recent accounting period? CORRECT ANSWER-The operating section




Which of the following best describes stockholders' equity? CORRECT ANSWER-the
claims of the owners




Which of the following is the most appropriate definition of accounting information?
CORRECT ANSWER-The information system that identifies, records, and communicates the
economic events of an organization to interested users




A company should report an issuance of common stock on its statement of cash flows as
CORRECT ANSWER-a financing activity.



Chris's Maid Service began the year with total assets of $100,000 and stockholders' equity of
$40,000. During the year the company earned $110,000 in net income and paid $5,000 in
dividends. Total assets at the end of the year were $240,000. How much are total liabilities at
the end of the year? CORRECT ANSWER-$95,000

, ACG 2021 ch 1 quiz; Questions & Answers
100% Correct
At the end of the year, Stoneland Corporation has assets of $6,500 and liabilities of $2,000. How
much is the company's equity at the end of the year? CORRECT ANSWER-$4,500




If total liabilities decreased by $10,000 and total assets decreased by $5,000 during a period of
time, then total stockholders' equity must have changed by what amount and direction during
that same period? CORRECT ANSWER-$5,000 increase




Net income will result during a time period when CORRECT ANSWER-revenues exceed
expenses




Which of the following is not one of the three primary business activities listed on the
statement of cash flows CORRECT ANSWER-advertising activities

(op, inv, fin)




Which of the following is not an external user of accounting data? CORRECT ANSWER-
Chief financial officer




Which statement about users of accounting information is correct? CORRECT ANSWER-
Taxing authorities are considered external users.




Which of the following is also referred to as debt?` CORRECT ANSWER-Liabilities

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