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ACC 556 WEEK 1 CHAPTER 1 HOMEWORK

ACC 556 WEEK 1 CHAPTER 1 HOMEWORK

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Author: Christine Farr
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·       Question 1
1 out of 1 points
 
 
 
A business organized as a separate legal entity owned by stockholders is a partnership.

 
 
 
Selected Answer:

 
 
 
·       Question 2
1 out of 1 points
 
 
 
Accounting communicates financial information about a business to both internal and external users.

 
 
 
Selected Answer:

 
 
 
·       Question 3
1 out of 1 points
 
 
 
The primary purpose of the statement of cash flows is to provide information about the cash receipts and cash payments of a company for a specific period of time.

 
 
 
Selected Answer:

 
 
 
·       Question 4
0 out of 1 points
 
One way of stating the accounting equation is: Assets + Liabilities = Stockholders’ Equity.

 
 
 
Selected Answer:

 
 
 
·       Question 5
1 out of 1 points
 
 
 
Claims of creditors and owners on the assets of a business are called liabilities.

 
 
 
Selected Answer:

 
 
 
·       Question 6
0 out of 1 points
 
A business organized as a corporation

 
 
 
Selected Answer:

 
 
 
·       Question 7
1 out of 1 points
 
The accounting equation may be expressed as

 
 
 
Selected Answer:

 
 
 
·       Question 8
1 out of 1 points
 
Which of the following activities involves collecting the necessary funds to support the business?

 
 
 
 
 
 
 
·       Question 9
1 out of 1 points
 
 
 
Which of the following is an asset?

 
 
 
 
 
 
 
·       Question 10
1 out of 1 points
 
 
 
Which of the following would not be considered an external user of accounting data for the Julian Company?

 
 
 
 
 
 
 
·       Question 11
1 out of 1 points
 
 
 
Ashley’s Accessory Shop started the year with total assets of $140,000 and total liabilities of $80,000. During the year the business recorded $220,000 in revenues, $110,000 in expenses, and dividends of $40,000. The net income reported by Ashley’s Accessory Shop for the year was

 
 
 
 
 
 
  

 
 
 
 
 

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