Kaplan University 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. Quest...

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. Quest...