ACCT 2000 LoweArdoin Exam 1
QUESTIONS AND
CORRECTLY WELL
DEFINED ANSWERS
LATEST 2024
ALREADY GRADED
A+
If total liabilities decreased by $15,000 and
stockholders' equity increased by $5,000
during a period of time, then total assets
must change by what amount and direction
during that same period?
A. $20,000 increase
B. $10,000 decrease
C $10,000 increase
D. $15,000 decrease - ANSWER-B
Which is not one of the three forms of
business organization?
A. sole proprietorship
B. creditorship
C. partnership
D. Corp - ANSWER-B
What is an advantage of corps relative to
partnerships and sole proprietorships?
A. increased difficulty of raising funds
B. harder to transfer ownership
C. reduced legal liability for investors
D. most common form of organization -
ANSWER-C
Ease of transferring ownership is a
characteristic of which form of business
organization?
A. sole proprietorship
B. partnership
C. Corp
D. All of the above - ANSWER-C
In which forms of business organizations
are the owners personally liable for all
debts of the business?
A. sole proprietorships and corps
B. sole proprietorships and partnerships
C. Partnership and corp
D. All of the above - ANSWER-B
The sole proprietorship form of business
org
A. must have at least 2 owners in most
states
B. generally receives favorable tax
treatment relative to a corp
C. Combines the records of the business
with the personal records of the owner
D. is classified as a separate legal entity -
ANSWER-B
Which forms of business organization are
considered to be separate accounting
entities?
A. Sole proprietorships and partnerships
only
B. Partnerships and corps only
C. only corps
D. Sole proprietorships, corps, and
partnerships - ANSWER-D. Sole
proprietorships, corps, and partnerships
Which of the following did not result from
the Sarbanes-Oxley Act?
A. Top management must now certify the
accuracy of financial information
B. Penalties for fraudulent activity
increased.
C. Increased independence of the outside
auditors
D. Tax rates on corps increased. -
ANSWER-D. Tax rates on corps increased
The payment of dividends is an example of
a
A. operating activity
B. financing activity
C. investing activity
D. delivery activity - ANSWER-B
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