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ACG 2021 Chapter 1 Review Questions and Answers
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  • ACG 2021

Which of the following is not one of the forms of business organization? Corporation These are all forms of business organization Company Partnership Sole proprietorship Company Which statement about users of accounting information is correct? Creditors are considered int...

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  • August 11, 2024
  • 8
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

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  • acg 2021 chapter 1 review questions and answers
  • which of the following is not one of the forms of
  • which statement about users of accounting informat

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  • ACG 2021
  • ACG 2021

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ACG 2021 Chapter 1 Review Questions
and Answers
Which of the following is not one of the forms of business organization?

Corporation

These are all forms of business organization

Company

Partnership

Sole proprietorship ✅Company

Which statement about users of accounting information is correct?

Creditors are considered internal users.

Regulatory authorities are considered internal users.

Management is considered an external user.

Labor unions are considered internal users.

Taxing authorities are considered external users. ✅Taxing authorities are considered
external users.

Which of the following is the most appropriate definition of accounting information?

All of these

Electronic collection and organization of vast amounts of financial information

The information system that identifies, records, and communicates the economic
events of an organization to interested users

The interconnected network of subsystems necessary to operate a business

A means of collecting business information ✅The information system that identifies,
records, and communicates the economic events of an organization to interested users

, Which of the following is required ever since the Sarbanes-Oxley Act (SOX) passed into
law in 2002?

Top management must certify the financial statements for their company.

Public companies must prepare audited financial statements.

None of these

Companies that go bankrupt must repay shareholders for lost investments.

All shareholders now have an oversight role of the company's financial activities.
✅Top management must certify the financial statements for their company.

Which of the following is an expense?

Cost of goods sold

Dividends

Accounts receivable

All of these

Wages payable ✅Cost of goods sold

Collecting cash from customers is an example of a cash flow from

investing activities.

financing activities.

delivery activities.

operating activities.

All of these ✅operating activities.

Which of the following is not one of the three primary business activities listed on the
statement of cash flows?

Merchandising activities

Operating activities

Investing activities

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