AC201_Park_Exam_1_Test1 Problem 2-3A.docx - Multiple Choice...

Multiple Choice Question 66
Your answer is correct.
Which of the following groups uses accounting information to determine whether the company’s net
income will result in a stock price increase?
Investors in common stock
Marketing
managers
Creditors
Chief Financial Officer
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Multiple Choice Question 149
Your answer is correct.
What organization issues U.S. accounting standards?

Financial Accounting Standards Board.
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Multiple Choice Question 92
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Problem 2-3A
You are provided with the following information for Skysong, Inc., effective as of its April 30, 2017,
year-end.
Accounts payable $ 864
Accounts receivable 930
Accumulated depreciation—equipment 670
Cash 1,390
Common stock 1,260
Cost of goods sold 1,090

Depreciation expense 305
Dividends 355
Equipment 2,540
Income tax expense 195