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...
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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