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. Complete Answers here ACC 561 Final Exam 64. The group of users of accounting information charged with achieving the goals of the business is its auditors. creditors.
managers. investors. 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. 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. Download now ACC 561 Week 1 Complete 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. 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. Complete paper here ACC 561 Week 2 Quiz (Latest)
165. The convention of consistency refers to consistent use of accounting principles throughout the accounting periods. among firms. within industries. among accounting periods. 90.Horizontal analysis is also known as common size analysis. linear analysis. vertical analysis. trend analysis. 92. Horizontal analysis is a technique for evaluating a series of financial statement data over a period of time to determine which items are in error. that has been arranged from the highest number to the lowest number.
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