ACC 290 Final Exam Study Guide:
Multiple Choice Question 92
The best definition of assets is the
owners’ investment in the business.
cash owned by the company.
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?
Accounts Payable
Accounts Receivable
Interest Payable
Unearned Service Revenue
Multiple Choice Question 99
, Which of the following financial statements is divided into major categories of operating, investing,
and financing activities?
The balance sheet.
The retained earnings statement.
The statement of cash
flows.
The income statement.
Multiple Choice Question 101
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?
Multiple Choice Question 92
The best definition of assets is the
owners’ investment in the business.
cash owned by the company.
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?
Accounts Payable
Accounts Receivable
Interest Payable
Unearned Service Revenue
Multiple Choice Question 99
, Which of the following financial statements is divided into major categories of operating, investing,
and financing activities?
The balance sheet.
The retained earnings statement.
The statement of cash
flows.
The income statement.
Multiple Choice Question 101
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?
