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Week Ch 1 Self Assessment - 1 Sole proprietorships and...

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1. Sole proprietorships and partnerships are taxable entities. True False Score: 1 of 1 2. Internal users of accounting information include a company’s investors (or stockholders). True False Score: 1 of 1
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3. Interest expense would be classified under operating activities. True False Score: 0 of 1 4. The balance sheet reports assets and claims to those assets at a specific point in time. True False Score: 1 of 1
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5. The notes to the financial statements are not required. True False Score: 1 of 1 6. The Statement of Cash Flows reports only cash flows from operations. True False Score: 1 of 1
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7. Only Certified Public Accountants may perform audits. True False Score: 1 of 1 8. Easy transfer of ownership is a characteristic of which form of business organization? Sole proprietorship Partnership Corporation All of the above
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Score: 1 of 1 9. In which forms of business organization are the owners personally liable for all the debts of the business?
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