Exams - 1. Which of the following persons or groups have...

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1. Which of the following persons or groups have the ultimate control of a corporation? the chief executive officer the chief operating officer the audit committee the stockholders CORREC T 2. Financial statements are reports issued by outside consultants who are hired to analyze key operations of  the business. reports created by management that states it is responsible for the acts of the  corporation. standard documents that tell us how well a business is performing and where it stands in financial terms . CORRECT standard documents issued by outside consultants who are hired to analyze key  operations of the business in financial terms. 3. All of the following are forms of business organizations except: proprietorship. partnership. restaurant. CORRECT corporation. 4. The largest organization of professional accountants in the United States is the: American Institute of Certified Public Accountants CORRECT ANSWER Securities and Exchange Commission. Financial Accounting Standards Board. Auditing Standards Board. 5. The Financial Accounting Standards Board is responsible for establishing: the American Institute of Certified Public Accountants. the Securities and Exchange Commission. generally accepted accounting principles. CORRECT the code of professional conduct for accountants. 6. The principle which states that assets acquired by the business should be recorded at their actual price is the: objectivity principle. stable dollar principle. cost principle . CORREC T reliability principle.
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The accounting equation can be stated as: Assets + Liabilities = Stockholders' equity. Assets = Liabilities + Stockholders' equity . CORRECT Assets = Liabilities - Stockholders' equity. Assets + Stockholders' equity = Liabilities. 8. The owners' interest in the assets of a corporation is known as: assets. stockholders' equity CORREC T expenses. revenues. 9. Which of the following financial statements would a potential investor most likely use to evaluate a  company's financial performance for the current period? balance sheet income statement CORRECT ANSWER statement of cash flows retained earnings statement 10. Assets appear on the: balance sheet . CORRECT income statement. retained earnings statement. statement of cash flows. 11. Dividends appear on the: retained earnings statement . CORRECT income statement. balance sheet both the retained earnings statement and the income statement. 12. The statement of cash flows is divided into three categories relating to cash flows from operating,  investing, and: management planning activities. financing activities
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This note was uploaded on 04/24/2008 for the course ACCT 212 taught by Professor Williamblix during the Spring '08 term at DeVry NY.

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Exams - 1. Which of the following persons or groups have...

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