MGMT 210 Mid-term_Mdobbins.doc - MGMT 210 Mid-Term 11-F2 Chapter 1 1 The three forms of business entities are a Government cooperatives and

MGMT 210 Mid-term_Mdobbins.doc - MGMT 210 Mid-Term 11-F2...

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MGMT 210 Mid-Term11-F2Chapter 11. The three forms of business entities are:a.Government, cooperatives, and philanthropic organizationsb.Financing, investing, and operatingc.Sole proprietorships, partnerships, and corporationsd.Wholesaler, manufacturer, and retailer2. Which of the following statements best describes the term revenues?3. Which one of the following events involves a liability for a business?4. Which of the following best describes the term “expenses”?5. Which one of the following is notan external user of financial information?
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a.Company managementc.Creditorsb.Internal Revenue Serviced.Stockholders6. Which of the following invests funds into a business and is considered an owner?7. Which financial statement would you analyze to determine if a company distributed any of its profits to its shareholders?8. The costs of doing business through the sale of goods and services are called9. Ronald Corporation’s end-of-year balance sheet consisted of the following amounts:Cash$ 25,000Accounts receivable$ 48,000Property, plant, and equipment69,000Long-term debt40,000Capital stock100,000Accounts payable20,000Retained earnings?Inventory33,000What amount should Ronald report on its balance sheet for total assets?a.$175,000c.$195,000b.$141,000d.$194,00010. Ronald Corporation’s end-of-year balance sheet consisted of the following amounts:Cash$ 25,000Accounts receivable$ 46,000
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Property, plant & equipment69,000Long-term debt41,000Capital stock107,000Accounts payable22,000Retained earnings?Inventory33,000What is Ronald’s total liabilitiesbalance at the end of the current year?
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