ch1 - Q2 which of the following is considered by...

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Q2 which of the following is considered by accountants to be a separate entity from its owner? Selected answer: X sole proprietorship only Q3 most business enterprises in the United States are Selected answer: sole proprietorships. Q4 which of the following is legally a separate entity from its owner? Selected answer: corporation only Q5 the corporate officers are responsible for Selected answer: X appointing he board of directors. Q6 the statement of cash flows would disclose the purchase of a building for cash Selected answer: in the investing activities section Q7 generally accepted accounting principles Selected answer: X are accounting rules formulated by the internal revenue service. Q8 a primary user of accounting information with a direct financial interest in the business is a Answer: creditor Q9 the processing stage of accounting is accomplished by Answer: X recording transactions. Q10 transfer of ownership will not affect the continuity of a Answer: corporation. Question 1 1 out of 1 points Which of the following transactions does not involve an exchange of value? Selected Answer: Loss from theft Correct Answer: Loss from theft Question 2 0 out of 1 points All of the following statements are true about the Sarbanes-Oxley Act except
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Selected Answer: it orders the SEC to draw up certain rules. Correct Answer: it shields chief executives from criminal penalties. Question 3 1 out of 1 points The separate entity concept requires that Selected Answer: the personal assets and liabilities of an owner not be shown on the business's financial statements. Correct Answer: the personal assets and liabilities of an owner not be shown on the business's financial statements.
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This note was uploaded on 06/18/2008 for the course ACCT 201 taught by Professor Amy during the Spring '08 term at Baltimore City.

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ch1 - Q2 which of the following is considered by...

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