New Acc 561 Assignment: Week 1 Practice Quiz

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 Multiple Choice Question 41

 The proprietorship form of business organization

  combines the records of the business with the personal records of the owner.

  is classified as a separate legal entity.

  must have at least two owners in most states.

  generally receives favorable tax treatment relative to a corporation.


Multiple Choice Question 45

 Most business enterprises in the United States are

government units.


proprietorships and partnerships



Multiple Choice Question 46

A business organized as a separate legal entity is a

government unit.





Multiple Choice Question 57

 Which of the following is the best definition of an internal user of accounting information?

Creditors like banks that use accounting information to evaluate the risk of lending money.

Managers who use accounting information to plan, organize, and run a business.

Labor unions who use accounting information to examine the ability of the company to pay increased wages and benefits.

Investors who use accounting information to decide whether to buy or sell stock.


Multiple Choice Question 63


Which of the following groups uses accounting information primarily to insure the entity is operating within prescribed rules?

Labor Unions


Taxing authorities

 Regulatory agencies


Multiple Choice Question 65

 Which of the following groups uses accounting information to determine whether the company can pay its obligations?

Chief Financial Officer


Investors in common stock

Marketing managers


Multiple Choice Question 99


Which of the following financial statements is divided into major categories of operating, investing, and financing activities?...