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Question 21 ptsAn advantage of the corporate form of business is that.....a.it has limited life.b.its owner's personal resources are at stake.c.its ownership is easily transferable via the sale of sha
Question 21 ptsAn advantage of the corporate form of business is that.....
a.it has limited life.b.its owner's personal resources are at stake.c.its ownership is easily transferable via the sale of shares of stock.d.it is simple to establish.
Flag this QuestionQuestion 31 ptsWhich of the following is not a liability?
a.Unearned Service Revenueb.Accounts Payablec.Accounts Receivabled.Interest Payable
Flag this QuestionQuestion 41 ptsStockholders' equity is comprised of...
a.common stock and dividends.b.common stock and retained earnings.c.dividends and retained earnings.d.net income and retained earnings.
Flag this QuestionQuestion 51 ptsa.Which organization issues U.S. accounting standards?b.Security Exchange Commission.c.International Accounting Standards Committee.d.International Auditing Standards Committee.e.Financial Accounting Standards Board.
Flag this QuestionQuestion 61 ptsThe ability of a business to pay obligations that are expected to become due within the next year or operating cycle is...
a.leverage.b.liquidity.c.profitability.d.wealth.
Flag this QuestionQuestion 71 ptsHenson Company began the year with retained earnings of $350,000. During the year, the company recorded revenues of $500,000, expenses of $380,000, and paid dividends of $40,000. What was Henson's retained earnings at the end of the year?
a.$510,000b $430,000c $810,000d.$470,000
Flag this QuestionQuestion 81 ptsThe primary purpose of the statement of cash flows is to report...
a. a company's investing transactions.b. a company's financing transactions.c. information about cash receipts and cash payments of a company.d. the net increase or decrease in cash.
Flag this QuestionQuestion 91 ptsWhich of the following organizations issues accounting standards for countries outside the United States?SECGAAPIASBFASB
Flag this QuestionQuestion 101 ptsWhich one of the following is not a qualitative characteristic of useful accounting information?a.Relevanceb.Faithful representationc.Materialityd.Comparability
