Test ch 1

Test ch 1 - • 1 ) • A company's ability to attract and...

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Unformatted text preview: • 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 • 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 • • 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)Which of the following is an example of a financing activity?...
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This note was uploaded on 07/26/2011 for the course ACC 2003 taught by Professor Gibson during the Spring '11 term at ASU.

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Test ch 1 - • 1 ) • A company's ability to attract and...

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