ACC 561 FINAL EXAM

ACC 561 FINAL EXAM


ACC 561 FINAL EXAM
Multiple Choice Question 49

Which of the following is an advantage of corporations relative to partnerships and sole
proprietorships?



Harder to transfer ownership.



Lower taxes.



Most common form of organization.



Reduced legal liability for investors.


Multiple Choice Question 64

The group of users of accounting information charged with achieving the goals of the business is
its



creditors.



investors.



managers.



auditors.




Multiple Choice Question 110

, ACC 561 FINAL EXAM




Which of the following financial statements is concerned with the company at a point in time?



Balance sheet.



Income statement.



Retained Earnings statement.



Statement of cash flows.


Multiple Choice Question 112

An income statement



presents the revenues and expenses for a specific period of time.



summarizes the changes in retained earnings for a specific period of time.



reports the assets, liabilities, and stockholders’ equity at a specific date.



reports the changes in assets, liabilities, and stockholders’ equity over a period of time.




Multiple Choice Question 118