By-definition-which-type-of-organization-has-stockholders-assignment-help-

test 20 questions this is a timed test and it needs to be done in 30 mins!!!!

Question 1

  1. By definition, which type of organization has stockholders?

1 points  

Question 2

  1. The concept that dictates accountants to assume the business will continue to operate into the future is:

1 points  

Question 3

  1. The Maximum Experience Company acquired a building for $500,000. Maximum Experience had an appraisal done and found that the building was worth $575,000. The seller had paid $300,000 for the building six years ago. Which accounting principle would prescribe that Maximum Experience record the building on its records at $500,000?

1 points  

Question 4

  1. On December 15, 2013, Myers Legal Services signed a $50,000 contract with a client to provide legal services to the client in 2014. Which accounting principle would require Myers Legal Services to record the legal fees revenue in 2014 and not 2013?

1 points  

Question 5

  1. Marian Mosely is the owner of Mosely Accounting Services. Which accounting assumption requires Marian to keep her personal financial information separate from the financial information of Mosely Accounting Services?

1 points  

Question 6

  1. The primary objective of financial accounting is to:

1 points  

Question 7

  1. Generally accepted accounting Principles:

1 points  

Question 8

  1. Which of the following is
    NOT a part of SOX?

1 points  

Question 9

  1. All of the following are advantages of the corporate form of business
    EXCEPT:

1 points  

Question 10

  1. The Income Statement shows:

1 points  

Question 11

  1. The accounting equation is best stated as:

1 points  

Question 12

  1. Hunting & Fishing Corporation has revenues of $100,000, expenses of $80,000, and dividends of $12,000 for the year. What is their net income?

1 points  

Question 13

  1. Revenues, expenses and dividends are all a part of:

1 points  

Question 14

  1. Miranda opens her business by investing $12,000. How does this affect the accounting equation?

1 points  

Question 15

  1. A net income or loss is originally shown on the:

1 points  

Question 16

  1. Which of the following statements illustrates the accounting equation?

1 points  

Question 17

  1. If equity is $300,000 and liabilities are $192,000, then assets equal:

1 points  

Question 18

  1. Accounts payable appear on which of the following statements?

1 points  

Question 19

  1. How would the accounting equation of Boston Company be affected by the billing of a client for $10,000 of consulting work completed?

1 points  

Question 20

  1. The financial statement that describes where a company’s cash came from and how it was spent during the period is the:

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