Acc 561 Final Exam

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ACC 561 FINAL EXAM

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ACC 561 FINAL EXAM,
1. Which of the following is an advantage of corporations relative to partnerships and sole proprietorships?
Most common form of organization.
*Reduced legal liability for investors.
Lower taxes.
Harder to transfer ownership.
2. The group of users of accounting information charged with achieving the goals of the business is its creditors. *managers. auditors. investors.
3. Which of the following financial statements is concerned with the company at a point in time?
Retained Earnings statement.
Statement of cash flows.
*Balance sheet.
Income statement.
4. An income statement reports the changes in assets, liabilities, and stockholders’ equity over a period of time. summarizes the changes in retained earnings for a specific period of time. reports the assets, liabilities, and stockholders’ equity at a specific date.
*presents the revenues and expenses for a specific period of time.
5. The most important information needed to determine if companies can pay their current obligations is the net income for this year. relationship between short-term and long-term liabilities.
*relationship between current assets and current liabilities. projected net income for next year.
6. A liquidity ratio measures the percentage of total financing provided by creditors. income or operating success of a company over a period of time.
*short-term ability of a company to pay its maturing obligations and to meet unexpected needs for cash. ability of a company to survive over a long period of time.
7. The convention of consistency refers to consistent use of accounting principles among firms. throughout the accounting periods.
*among accounting periods.
within…...

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