ACC 561 Week 1 Practice Quiz


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ACC 561 Week 1 Practice Quiz

Question 41

The proprietorship form of business organization

Question 45

Most business enterprises in the United States are


Question 46

A business organized as a separate legal entity is a


Question 57

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



Question 63

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

Question 65

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



Question 99

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


Question 101

Ending retained earnings for a period is equal to:


Beginning retained earnings + Net income + Dividends


Beginning retained earnings – Net income – Dividends


Beginning retained earnings + Net income – Dividends


Beginning retained earnings – Net income + Dividends

Question 105

The financial statement that summarizes the changes in retained earnings for a specific period of time is the


retained earnings statement.


balance sheet.


statement of cash flows.


income statement.

Question 106

To show how successfully your business performed during a period of time, you would report its revenues and expense in the


Question 116

Which financial statement is prepared first?



Question 117

An income statement shows


Question 103

Dawson Corporation has the following information available for 2011:

(in millions)

Issued common stock


Retired common stock


Paid dividends


Net income


Beginning common stock balance


Beginning retained earnings balance


Based in this information, what is Dawson’s Common Stock balance at the end of the year?




Question 109

Declaring a cash dividend will

Question 113

At December 31, 2012 Lowery Company had retained earnings of $2,184,000. During 2012 they issued stock for $98,000, and paid dividends of $34,000. Net income for 2012 was $402,000. The retained earnings balance at the beginning of 2012 was:


Question 158

Which of the following organizations issues accounting standards for countries outside the United States?


Question 159

Generally accepted accounting principles

Question 160The agency of the United States government that oversees the U.S. financial markets is the 


Question 161

What organization issues U.S. accounting standards?


Question 164

Two of the major characteristics that make accounting information useful are


Question 171

If accounting information has relevance, it is useful in making predictions about


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