AC1 - 1. A certain transaction affecting only two accounts...

Info iconThis preview shows page 1. Sign up to view the full content.

View Full Document Right Arrow Icon
1. A certain transaction affecting only two accounts causes a liability to increase by a certain amount. Which one of the following could be another effect of the same transaction? (Points: 1) an asset account is increased by the same amount. another liability account is increased by the same amount. an owner's equity account is increased by the same amount. 2. Which one of the following is a characteristic of the corporate organizational structure? (Points: 1) unlimited liability continuity of existence. inability to transfer of ownership taxability through the owner 3. Who has the primary responsibility for the company's financial statements? (Points: 1) internal auditors external auditors
Background image of page 1
This is the end of the preview. Sign up to access the rest of the document.

This note was uploaded on 06/20/2010 for the course FINA 6266 taught by Professor Burt during the Spring '10 term at University of Arkansas for Medical Sciences.

Ask a homework question - tutors are online