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MC Review Questions Solutions

MC Review Questions Solutions - Accounting 100 Final Exam...

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Accounting 100 Final Exam Multiple Choice Review Sheet - Solutions Note: This is meant as practice in answering multiple choice questions. It is in no way indicative of what will be on the exam and does not provide comprehensive coverage of all material that may be tested. Chapter 1 1. Which of the following is not an advantage of the corporate form of business organization? a. No personal liability b. Easy to transfer ownership c. Favorable tax treatment d. Easy to raise funds 2. Which of the following statements is true? Chapter 2 3. If accounting information has relevance, it is useful in making predictions about 4. The concept that a business has a reasonable expectation of remaining in business for the foreseeable future is called the 5. Jackson Cement Corporation reported $35 million for sales when it only had $20 million of actual sales. Which of the following characteristics of useful information has Jackson most likely violated? a. comparability b. relevance c. faithful representation d. consistency Chapter 3 6. Which one of the following represents the expanded basic accounting equation?
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Chapter 4 7. In a service-type business, revenue is considered earned: 8. The primary difference between prepaid and accrued expenses is that prepaid expenses have:
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