Kaplan ACC499 Auditing Midterm Project
Question
1. Question : An entity that is organized according to state or federal statutes and in which
ownership is divided into shares of stock is a
Student Answer: proprietorship.
corporation.
partnership.
governmental unit.
2. Question : When a product is sold, this cost is often called
Student Answer: cost of goods sold.
revenue.
products.
retained earnings.
3. Question : Which of the following are business stakeholders?
Student Answer: Stockholders
Suppliers
Customers
All of these
4. Question : The role of accounting in business is best defined as
Question
1. Question : An entity that is organized according to state or federal statutes and in which
ownership is divided into shares of stock is a
Student Answer: proprietorship.
corporation.
partnership.
governmental unit.
2. Question : When a product is sold, this cost is often called
Student Answer: cost of goods sold.
revenue.
products.
retained earnings.
3. Question : Which of the following are business stakeholders?
Student Answer: Stockholders
Suppliers
Customers
All of these
4. Question : The role of accounting in business is best defined as
