Study info Acct 701 Exam 1.docx - Module 1(T F Retained...

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Module 1(T / F) Retained earnings represent undistributed net income.Select one:True CorrectFalseFeedbackCorrect. Net income minus dividends yields retained earnings.The correct answer is 'True'.
Question 2CorrectMark 1.00 out of 1.00Flag questionQuestion text(T / F) The three forms of business organizations are single proprietorship, partnership, and trust.
Question 3Correct
Mark 1.00 out of 1.00Flag questionQuestion text(T / F) Accounting rules in the United States are known as International Financial Reporting Standards (IFRS).
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Question 4IncorrectMark 0.00 out of 1.00Flag questionQuestion text(T / F) The income statement shows the profitability of the company and is dated as of a particular date, such as December 31, 2014.
Question 5CorrectMark 1.00 out of 1.00Flag questionQuestion text(T / F) The three types of business activity are service, merchandising, and manufacturing.Select one:True CorrectFalseFeedbackCorrect. The accounting for all three of these is covered in this text.The correct answer is 'True'.
Question 6CorrectMark 1.00 out of 1.00Flag questionQuestion text(T / F) A single proprietorship (aka sole proprietorship) is an unincorporated business owned by an individual and often managed by that individual.
Question 7CorrectMark 1.00 out of 1.00Flag questionQuestion text(T / F) In a company the person in charge of the accounting activity is called the controller or chief financial officer.
Question 8CorrectMark 1.00 out of 1.00Flag questionQuestion text(T / F) The balance sheet contains the same major headings as appear in the accounting equation.
Question 9CorrectMark 1.00 out of 1.00Flag questionQuestion text(T / F) The equity ratio shows the proportion of the company's assets that is financed through investments by the owners.Select one:True CorrectFalseFeedbackCorrect.The correct answer is 'True'.

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