quiz1 w-answers - 1 Sole proprietorships and partnerships...

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1. Sole proprietorships and partnerships are taxable entities. True Fals e Score: 1 of 1 2. Internal users of accounting information include a company’s investors (or stockholders). True Fals e Score: 1 of 1 3. Interest expense would be classified under operating activities. True Fals e Score: 0 of 1 4. The balance sheet reports assets and claims to those assets at a specific point in time. True Fals e Score: 1 of 1 5. The notes to the financial statements are not
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required. True Fals e Score: 1 of 1 6. The Statement of Cash Flows reports only cash flows from operations. True Fals e Score: 1 of 1 7. Only Certified Public Accountants may perform audits. True Fals e 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? Sole proprietorship and
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This note was uploaded on 10/19/2011 for the course ACCOUNTING 102 taught by Professor Singh during the Spring '11 term at Wayne State University.

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quiz1 w-answers - 1 Sole proprietorships and partnerships...

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