Test ch 1 - 1 Acompany' dependsonits(2pts budgeting...

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1 ) A company's ability to attract and hold investment capital ultimately  depends on its (2pts) budgeting. planning. liquidity. profitability. 2 ) The development of international accounting standards is the  primary function of the (2pts) IRS. AICPA. IASB . PCAOB. 3 ) Which of the following is a regulatory agency? (2pts) IASB SEC FASB GASB 4 ) Which of the following is legally a separate entity from its  owner(s)? (2pts) Sole proprietorship only
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Sole proprietorship and partnership only Corporation only Partnership only 5 ) All of the following items would appear on the balance sheet  except e  (2pts) withdrawals. - the owner's Capital account. - Accounts Receivable. - Patents . 6 ) The purpose of an audit is to (2pts) determine whether or not a company is a good investment. comply with income tax regulations. determine whether or not a company is a good credit risk. ascertain that the financial statements follow GAAP. 7 ) Flores Realty Company had the following balance sheet accounts and balances: Accounts Payable $6,000   Earl Flores,  Capital ? Accounts Receivable 1,000   Equipment $7,000 Building 8,000   Land 7,000 Cash 3,000    
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  What is the balance of the Capital account? (2pts) $5,500 $26,500 $22,500 $20,000  + 8 ) Which of the following is an example of a financing activity? (2pts) Employing workers
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