ACC 5. 56 Week 5 Midterm Exam Strayer NEWUnformatted text preview ACC 5. Week 5 Midterm Exam Strayer NEW. Kodak Rvg 5100 Software' title='Kodak Rvg 5100 Software' />Click On The Link Below To Purchase A Graded Material. Instant Download. ACC 5. 56 Midterm Exam Week 5 Strayer NEW ACC5. W5. E. htm. Chapters 1 Through 8. Franz Schubert Torrent Complete. INTRODUCTION TO FINANCIAL STATEMENTS. TRUE FALSE STATEMENTS. A business organized as a separate legal entity owned by stockholders is a partnership. Corporate stockholders generally pay higher taxes but have no personal liability. The liability of corporate stockholders is limited to the amount of their investment. The majority of U. S. business is transacted by proprietorships. Proprietorships in the United States generate more revenue than the other two forms of. TB/VC/MY-784475/carestream-rvg-5100-system-500x500.jpg' alt='Kodak Rvg 5100 Software' title='Kodak Rvg 5100 Software' />Owners of business firms are the only people who need accounting information. Management of a business enterprise is the major external user of information. External users of accounting information are managers who plan, organize, and run a. The information needs and questions of external users vary considerably. Accounting communicates financial information about a business to both internal and. FOR INSTRUCTOR USE ONLY 2 2 A Further Look at Financial Statements 1. Two primary external users of accounting information are investors and creditors. Financing activities for corporations include borrowing money and selling shares of their. Investing activities involve collecting the necessary funds to support the business. FOR INSTRUCTOR USE ONLY A Further Look at Financial Statements 2 3 1. The purchase of equipment is an example of a financing activity. Assets are resources owned by a business and provide future services or benefits to the. Waving American Flags. Payments to owners are operating activities. The economic resources that are owned by a business are called stockholders equity. Operating activities involve putting the resources of the business into action to generate a. A business is usually involved in two types of activityfinancing and investing. Net income for the period is determined by subtracting total expenses and dividends from. A different set of financial statements usually is prepared for each user. The heading for the income statement might include the line As of December 3. Net income is another term for revenue. Cash is another term for stockholders equity. The primary purpose of the statement of cash flows is to provide information about the. The balance sheet reports assets and claims to those assets at a specific point in time. FOR INSTRUCTOR USE ONLY 2 4 A Further Look at Financial Statements 2. The basic accounting equation states that Assets Liabilities. One way of stating the accounting equation is Assets Liabilities Stockholders Equity. The accounting equation can be expressed as Assets Stockholders Equity Liabilities. Kodak Rvg 5100 Software' title='Kodak Rvg 5100 Software' />Comercializaatio de material mdico e hospitalar. Um parceiro experiente, slido, com uma competitividade inigualvel. Conheanos e aprecienos. View Homework Help ACC 556 Week 5 Midterm Exam Strayer NEW from ACCT 101 at Ashworth College. ACC 556 Week 5 Midterm Exam Strayer NEW Click On The Link. KODAK RVG Digital Radiography Systems Installation Guide CS4100en iii About This Guide This manual contains information on installing following products. SmartPCFixer is a fully featured and easytouse system optimization suite. With it, you can clean windows registry, remove cache files, fix errors, defrag disk. The accounting equation can be expressed as Assets Liabilities Stockholders Equity. If the assets owned by a business total 1. If the assets owned by a business total 1. Claims of creditors and owners on the assets of a business are called liabilities. Creditors rights to assets supersede owners rights to the assets. All publicly traded U. S. companies must provide their stockholders with an annual report. Information in the notes to the financial statements has to be quantifiable numeric. An auditor is an accounting professional who conducts an independent examination of the. The management discussion and analysis MD A section of an annual report covers. Explanatory notes and supporting schedules are an optional part of an annual report. FOR INSTRUCTOR USE ONLY 2 5 4. A Further Look at Financial Statements Examples of notes are descriptions of the significant accounting policies and methods used. MULTIPLE CHOICE QUESTIONS. The proprietorship form of business organization. A business organized as a corporation. The partnership form of business organization. Which of the following is not one of the three forms of business organizationCorporations. Partnerships. Proprietorships. Investors FOR INSTRUCTOR USE ONLY 2 6 A Further Look at Financial Statements 4. Most business enterprises in the United States are. A business organized as a separate legal entity is a. Which of the following is not an advantage of the corporate form of business organizationNo personal liability. Easy to transfer ownership. Favorable tax treatment. Easy to raise funds 4. An advantage of the corporate form of business is that. Which of the following is an advantage of corporations relative to partnerships and sole. Reduced legal liability for investors. Harder to transfer ownership. Most common form of organization 5. A corporation has which of the following set of characteristics Shared control, tax advantages, increased skills and resources. Simple to set up and maintains control with founder. Easier to transfer ownership and raise funds, no personal liability. Harder to raise funds and gives owner control FOR INSTRUCTOR USE ONLY 2 7 A Further Look at Financial Statements 5. A small neighborhood barber shop that is operated by its owner would likely be organized. A local retail shop has been operating as a sole proprietorship. The business is growing and. Which of the following is not a reason for this owner. Ability to raise capital for expansion. Desire to limit the owners personal liability. The prestige of operating as a corporation. The ease in transferring shares of the corporations stock 5. Kate Mcgarrigle Tribute on this page. All of the following are advantages for choosing a proprietorship for a business except. Jack and Jill form a partnership. Jack runs the business in New York, while Jill vacations in. Hawaii. During the time Jill is away from the business, Jack increases the debts of the. Which of the following statements is true regarding this debt Only Jack is personally liable for the debt, since he has been the managing partner. Only Jill is personally liable for the debt of the business, since Jack has been working. Both Jack and Jill are personally liable for the business debt. Neither Jack nor Jill is personally liable for the business debt, since the partnership is a. Which one of the following questions is most likely asked by an internal human resources. Which product line is most profitable What price for our product will maximize the company income What average pay raise is affordable for employees this year Should any product lines be eliminatedFOR INSTRUCTOR USE ONLY 2 8 A Further Look at Financial Statements 5. Which of the following are internal reports that accounting provides to internal users Forecasts of cash needs for next year. Financial comparisons of operating activity alternatives. Both forecasts of cash needs and financial comparisons are internal reports. Neither forecasts of cash needs or financial comparisons is an internal report. Which of the following is the best definition of an internal user of accounting information Investors who use accounting information to decide whether to buy or sell stock. Creditors like banks that use accounting information to evaluate the risk of lending. Labor unions who use accounting information to examine the ability of the company to. Managers who use accounting information to plan, organize, and run a business. External users of accounting information, like the Internal Revenue Service, are most. Which of the following statements is not true regarding the Sarbanes Oxley Act SOX The Act calls for increased oversight responsibilities for boards of directors.