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Accounting for Managers

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1. | Sole proprietorships and partnerships are taxable entities. | | | | | True | | | False | | | | Score: 0 of 1 |

| 2. | Internal users of accounting information include a company’s investors (or stockholders). | | | | | True | | | False | | | | Score: 1 of 1 |

| 3. | Interest expense would be classified under operating activities. | | | | | True | | | False | | | | Score: 1 of 1 |

| 4. | The balance sheet reports assets and claims to those assets at a specific point in time. | | | | | True | | | False | | | | Score: 1 of 1 |

| 5. | The notes to the financial statements are not required. | | | | | True | | | False | | | | Score: 1 of 1 |

| 6. | The Statement of Cash Flows reports only cash flows from operations. | | | | | True | | | False | | | | Score: 1 of 1 |

| 7. | Only Certified Public Accountants may perform audits. | | | | | True | | | False | | | | Score: 1 of 1 |

| 8. | Easy transfer of ownership is a characteristic of which form of business organization? | | | | | Sole proprietorship | | | Partnership | | | Corporation | | | All of the above | | | | Score: 1 of 1 |

| 9. | In which forms of business organization are the owners personally liable for all the debts of the business? | | | | | Sole proprietorship and corporation | | | Sole proprietorship and partnerships | | | Partnership and corporation | | | All of them | | | | Score: 1 of 1 |

| 10. | Internal users want answers to which of the following questions? | | | | | What price for our product will maximize the company’s net income? | | | Which product line is most profitable? | | | Is cash sufficient to pay dividends to stockholders? | | | All of the

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