ACCT 701 LSUS_Managerial use of accounting data

(T / F) Retained earnings represent undistributed net income.
Select one:
True


False


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Correct. Net income minus dividends yields retained earnings.
The correct answer is 'True'.

Question 2

Correct
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(T / F) The three forms of business organizations are single proprietorship, partnership, and trust.
Select one:
True

False



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Correct. Corporation, not trust, is the third form.

,The correct answer is 'False'.

Question 3

Correct
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(T / F) Accounting rules in the United States are known as International Financial Reporting
Standards (IFRS).
Select one:
True

False



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Correct.

The correct answer is 'False'.

Question 4

Incorrect
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(T / F) The income statement shows the profitability of the company and is dated as of a
particular date, such as December 31, 2014.
Select one:

, True


False


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The correct answer is 'False'.

Question 5

Correct
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(T / F) The three types of business activity are service, merchandising, and manufacturing.
Select one:
True


False


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Correct. The accounting for all three of these is covered in this text.
The correct answer is 'True'.

Question 6

Correct
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(T / F) A single proprietorship (aka sole proprietorship) is an unincorporated business owned by
an individual and often managed by that individual.
Select one:
True


False


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Correct.
The correct answer is 'True'.

Question 7

Correct
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(T / F) In a company the person in charge of the accounting activity is called the controller or
chief financial officer.
Select one:
True


False


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