Acc 561 Final Exam Latest University of Phoenix Tutoring

ACC 561 Final Exam

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