NAME: ________________________

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5 Written Questions

5 Matching Questions

  1. Working Capital
  2. Taxes and Legal Liability
  3. Generally Accepted ACC Principles (GAAP)
  4. Debt to Asset Ratio
  5. Property, Plant and Equipment (PPE)
  1. a current assets - current liabilities
  2. b = total liabilities / total assets
  3. c corporations have less favorable tax treatment but corporation stockholders not as liable as sole prop and partnerships
  4. d long, useful lives; land, buildings, equipment, furniture, fixtures; depreciation is subtracted
  5. e set of rules and practices of ACC

5 Multiple Choice Questions

  1. Relevance vs. Faithful Representation
  2. one owner, easy to set up, tax advantages, transfer of ownership is difficult
  3. relationship among selected items of financial statement data
  4. Liabilities, Equity, Revenue
  5. assets turned into cash over a year

5 True/False Questions

  1. Classified Balance SheetLiabilities + Stockholder's Equity = Assets


  2. Stockholder's Equitypay interest as it comes due to repay the balance of debt


  3. Solvency1. Predict Future
    2. Confirm or correct prior expectation
    3. Materiality


  4. Faithful Representationaccurately depicts what really happened
    1. Complete
    2. Neutral
    3. Free from Error


  5. Partnershiptwo owners, formed b/c individual doesn't have enough resources to initiate/expand business, shared control


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