WSU ACCTG 230 Exam 1 SET TEST QUESTIONS AND CORRECT ANSWERS

WSU ACCTG 230 Exam 1 SET TEST QUESTIONS AND CORRECT ANSWERS Already Passed Which of the following represents a resource of the company? 1.Liability 2.Asset. 3.Dividend. 4. Expense. - ANSWER : Asset Financial accounting information is essential to: Marketing the company's products to customers. Making good business decisions. Quality of the work environment for employees. Paying the appropriate amount of taxes. - ANSWER : Making good business decisions. Which financial statement reports a company's assets and liabilities? Balance Sheet. Income Statement. Statement of Stockholders' Equity. Statement of Cash Flows. - ANSWER : Balance Sheet. Public accounting firms refer to: Government-controlled companies. Firms that have stocks listed on an exchange. Companies that sell merchandise to customers. Professional service firms that traditionally focus on auditing and tax preparation. - ANSWER : Professional service firms that traditionally focus on auditing and tax preparation.