Which of the following isn ot one of the three forms of business organization? - ANS_Investors
The sole proprietorship form of business organization - ANS_generally receives favorable tax treatment
relative to a corporation
A business organized as a corporation - ANS_is owned by its stockholders
a business organized as a separate legal entity - ANS_corporation
An advantage of the corporate form of business is that - ANS_its ownership is easily transferable via the
sale of shares of stock
Which of the following is an advantage of corporations relative to partnerships and sole
proprietorships? - ANS_reduced legal liability for investors
Jack and Jill form a partnership. Jack runs the business in New York, while Jill vacations in hawaii. during
the time jill is away from the business jack increases the debts of the business by 20000. which of the
following statements is true regarding this debt? - ANS_Both Jack and Jill are personally liable for the
business debt.
which of the following is not an advantage of the corporate form of business organization -
ANS_favorable tax treatment
,a local retail shop has been operating as a sole proprietorship. the business is growing and now the
owner wants to incorporate which of the following is not a reason for this owner to incorporate? -
ANS_the prestige of operating as a corp
Which external group uses accounting information to determine whether the company can pay its legal
obligations? - ANS_creditors
Predictive analytics can be used to answer the question - ANS_what is likely to happen
Which of the following would not be considered an external user of accounting data for the tesla corp -
ANS_management
which of the following is the best description of an internal user of accounting info - ANS_managers who
use accounting information to plan,organize,and run a business
which of the following would not be considered an internal user of patagonias accounting data? -
ANS_creditors of the company
the liability created by old navy when it purchases cleaning supplies on credit from a supplier is termed -
ANS_account payable
net income results when - ANS_revenues > expenses
an income statement - ANS_presents the revenues and expenses for a specific period of time
to show how successfully its business performed during a period of time, home depot reports its
revenues and expenses in the - ANS_income statement
,payments to stockholders are called - ANS_dividends
the cost of assets consumed or services used is also known as an - ANS_expense
debt securities sold to investors that must be repaid at a particular date some years in the future are
called - ANS_bonds payable
which of the following financial statements is concerned with the company at a point in time? -
ANS_balance sheet
when expenses exceed revenues which of the following is true? - ANS_a net loss results
the right to receive money in the future is called an - ANS_account receivable
which of the following would not be considered an asset of target corp - ANS_common stock
which of the following is not a liability? - ANS_accounts receivable
ending retained earnings for a period is equal to beginning - ANS_retained earnings + net income -
dividends
resources owned by a business are referred to as - ANS_assets
which of the following financial statements is divided into major categories of operating, investing, and
financing activities? - ANS_the statement of cash flows
which of the following is an investing activity for target? - ANS_purchasing computer equipment
, debts and obligations of a business are referred to as - ANS_liabilities
buying and selling products are examples of - ANS_operating activities
buying fixed assets needed to operate a business is an example of - ANS_investing activity
which of the following is not a principal type of business activity? - ANS_delivering
issuing shares of stock in exchange for cash is an example of a - ANS_financing activity
borrowing money is an example of a - ANS_financing activity
which of the following activities involves obtaining the necessary funds to support the business? -
ANS_financing
carla vista company compiled the following financial info as of dec 31 2025. service revenue 830000
common stock 181000 equipment 233000 operating expenses 742000 cash 201000 dividends 55000
supplies 33000 accounts payable 101000 accounts receivable 94500 retained earnings 1/1/25 246500
carla vistas total assets on dec 31 25 are - ANS_561500
If total liabilities increased by 94000 and stockholders equity increased by 27000 during a period of time,
then total assets must change by what amount and direction during the same period - ANS_121000
increase
suppose that uber company began the year with retained earnings of 407000 during the year the
company recorded revenues of 502000 expenses of 382000 and paid dividends of 39500 what was ubers
retained earnings balance at the end of the year? - ANS_487500
The sole proprietorship form of business organization - ANS_generally receives favorable tax treatment
relative to a corporation
A business organized as a corporation - ANS_is owned by its stockholders
a business organized as a separate legal entity - ANS_corporation
An advantage of the corporate form of business is that - ANS_its ownership is easily transferable via the
sale of shares of stock
Which of the following is an advantage of corporations relative to partnerships and sole
proprietorships? - ANS_reduced legal liability for investors
Jack and Jill form a partnership. Jack runs the business in New York, while Jill vacations in hawaii. during
the time jill is away from the business jack increases the debts of the business by 20000. which of the
following statements is true regarding this debt? - ANS_Both Jack and Jill are personally liable for the
business debt.
which of the following is not an advantage of the corporate form of business organization -
ANS_favorable tax treatment
,a local retail shop has been operating as a sole proprietorship. the business is growing and now the
owner wants to incorporate which of the following is not a reason for this owner to incorporate? -
ANS_the prestige of operating as a corp
Which external group uses accounting information to determine whether the company can pay its legal
obligations? - ANS_creditors
Predictive analytics can be used to answer the question - ANS_what is likely to happen
Which of the following would not be considered an external user of accounting data for the tesla corp -
ANS_management
which of the following is the best description of an internal user of accounting info - ANS_managers who
use accounting information to plan,organize,and run a business
which of the following would not be considered an internal user of patagonias accounting data? -
ANS_creditors of the company
the liability created by old navy when it purchases cleaning supplies on credit from a supplier is termed -
ANS_account payable
net income results when - ANS_revenues > expenses
an income statement - ANS_presents the revenues and expenses for a specific period of time
to show how successfully its business performed during a period of time, home depot reports its
revenues and expenses in the - ANS_income statement
,payments to stockholders are called - ANS_dividends
the cost of assets consumed or services used is also known as an - ANS_expense
debt securities sold to investors that must be repaid at a particular date some years in the future are
called - ANS_bonds payable
which of the following financial statements is concerned with the company at a point in time? -
ANS_balance sheet
when expenses exceed revenues which of the following is true? - ANS_a net loss results
the right to receive money in the future is called an - ANS_account receivable
which of the following would not be considered an asset of target corp - ANS_common stock
which of the following is not a liability? - ANS_accounts receivable
ending retained earnings for a period is equal to beginning - ANS_retained earnings + net income -
dividends
resources owned by a business are referred to as - ANS_assets
which of the following financial statements is divided into major categories of operating, investing, and
financing activities? - ANS_the statement of cash flows
which of the following is an investing activity for target? - ANS_purchasing computer equipment
, debts and obligations of a business are referred to as - ANS_liabilities
buying and selling products are examples of - ANS_operating activities
buying fixed assets needed to operate a business is an example of - ANS_investing activity
which of the following is not a principal type of business activity? - ANS_delivering
issuing shares of stock in exchange for cash is an example of a - ANS_financing activity
borrowing money is an example of a - ANS_financing activity
which of the following activities involves obtaining the necessary funds to support the business? -
ANS_financing
carla vista company compiled the following financial info as of dec 31 2025. service revenue 830000
common stock 181000 equipment 233000 operating expenses 742000 cash 201000 dividends 55000
supplies 33000 accounts payable 101000 accounts receivable 94500 retained earnings 1/1/25 246500
carla vistas total assets on dec 31 25 are - ANS_561500
If total liabilities increased by 94000 and stockholders equity increased by 27000 during a period of time,
then total assets must change by what amount and direction during the same period - ANS_121000
increase
suppose that uber company began the year with retained earnings of 407000 during the year the
company recorded revenues of 502000 expenses of 382000 and paid dividends of 39500 what was ubers
retained earnings balance at the end of the year? - ANS_487500
