ACC 290 FINAL EXAM

ACC 290 FINAL EXAMThe best definition of assets is the cash owned by the company. owners’ investment in the business. resources belonging to a company that have future benefit to the company. collections of resources belonging to the company and the claims on these resources. Multiple Choice Question 98 Which of the following is not a liability? Entry field with correct answer Unearned Service Revenue Interest Payable Accounts Receivable Accounts Payable Multiple Choice Question 99 Which of the following financial statements is divided into major categories of operating, investing, and financing activities? Entry field with correct answer The balance sheet. The retained earnings statement. The statement of cash flows. The income statement Ending retained earnings for a period is equal to beginning Retained earnings + Net income + Dividends. Retained earnings + Net income – Dividends. Retained earnings – Net income – Dividends. Retained earnings – Net income + Dividends. Multiple Choice Question 47 Which of the following is not an advantage of the corporate form of business organization? Entry field with correct answer Easy to raise funds Favorable tax treatment No personal liability Easy to transfer ownership Multiple Choice Question 48 An advantage of the corporate form of business is that it has limited life. it is simple to establish. its ownership is easily transferable via the sale of shares of stock. its owner’s personal resources are at stake. Multiple Choice Question 51 A small neighborhood barber shop that is operated by its owner would likely be organized as a: joint venture. proprietorship