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ACC 561 Week 1 Quiz

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ACC 561 Week 1 Quiz 1. The proprietorship form of business organization 2. Most business enterprises in the United States are 3. A business organized as a separate legal entity is a 4. Which of the following is the best definition of an internal user of accounting information? 5. Which of the following groups uses accounting information primarily to insure the entity is operating within prescribed rules? 6. Which of the following groups uses accounting information to determine whether the company can pay its obligations? 7. Which of the following financial statements is divided into major categories of operating, investing, and financing activities? 8. Ending retained earnings for a period is equal to: 9. The financial statement that summarizes the changes in retained earnings for a specific period of time is the 10. To show how successfully your business performed during a period of time, you would report its revenues and expense in the 11.Which financial statement is prepared first? 12. An income statement shows 13. Dawson Corporation has the following information available for 2011 14. Declaring a cash dividend will 15. At December 31, 2012 Lowery Company had retained earnings of $2,184,000. During 2012 they issued stock for $98,000, and paid dividends of $34,000. Net income for 2012 was $402,000. The retained earnings balance at the beginning of 2012 was: 16. Which of the following organizations issues accounting standards for countries outside the United States? 17. Generally accepted accounting principles 18. The agency of the United States Government that oversees the U.S. financial markets is the 19. What organization issues U.S. accounting standards? 20. Two of the major characteristics that make accounting information useful are 21. If accounting information has relevance, it is useful in making predictions about

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