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1. Question : The role of accounting in business is best defined as Student Answer: an information system that provides reports to stakeholders about the economic activities and condition of a business. a method of forecasting the future profitability of a company. the policies, procedures, and strategies used in a business. transaction analysis. 2. Question : The following are examples of internal stakeholders EXCEPT: Student Answer: managers. creditors. employees. All of these are internal stakeholders. 3. Question : More than 70% of businesses are organized as what type of business? Student Answer: Community Not-for-profit Corporation General Partnership Sole proprietorship 4. Question : Which of the following are business stakeholders? Student Answer: Stockholders Suppliers Customers All of these 5. Question : A note payable requires payment of the amount borrowed plus Student Answer: interest. cash. accounts payable. investments. 6. Question : Which of the following would NOT be an example of a merchandising business? Student Answer: General Motors Company A local grocery store Books-a-Million Dunkin Donuts 7. Question : What is the main objective of most business organizations? Student Answer: To provide a public service To maximize profits To provide a benefit to society To manufacture a quality product 8. Question : An example of a nominal account would be Student Answer: Allowance for Doubtful Accounts. Notes Payable. Prepaid Expense. Cost of Goods Sold. 9. Question : Which of the following is not presented in an income statement? Student Answer: Revenues Expenses Net income Dividends 10. Question : The basic financial statements are listed below:(1) Balance sheet(2) Statement of retained earnings(3) Income statement(4) Statement of cash flowsIn which of the following sequences does the accountant ordinarily prepare the statements? Student Answer: 1, 4, 3, 2 2, 1, 3, 4 3, 2, 1, 4 3, 2, 4, 1 11. Question : The allowance for doubtful accounts is an example of a(n) Student Answer: expense account. contra account. adjunct account. control account.
shawnxu enterprises recorded the following transactions for the just completed january 2010a.89000 in raw materials
Prepare a flexible budget for next year for Signet Jewelers using three different growth rates (assume absorption costing). Explain how you determined the three growth rates to use (the low, the average, the high). Explain how you adjusted all other ..
the following table summarizes the yields to maturity on several one-year zero-coupon securitiessecurityyield
Why is essential that the planning functions of controllership can help an organization effectively and efficiently achieve a goal?
mcbean company has outstanding 11 million shares of 1 par value common stock and 1.1 million shares of 3 par value
ahi corporation is one of your clients in hawaii. the company had a good year last year and owes the irs 100000000 due
the charter of a corporation provides for the issuance of 100000 shares of common stock. assume that 45000 shares were
the controller of sagehen enterprises believes that the company should switch from the lifo method to the fifo method.
Peter Johnson invests $21,310.08 now for a series of $3,000 annual returns beginning one year from now. Peter will earn 10% on the initial investment. How many annual payments will Peter receive?
Dorchester Corporation purchased one thousand shares of Winchester Corporation stock in 2006 for $800 per share and classified the investment as securities available for sale.
The bonds are dated January 1, 2006, and mature on January 1, 2010. The total interest expense related to these bonds for the year ended December 31, 2006 is ??
dimitry chernitsky is seeking part-time employment while he attends school. he is considering purchasing technical
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