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5 Written questions

5 Matching questions

  1. 4 Financial Statements
  2. What goes to shareholders?
  3. Partnership
  4. Ratio Analysis
  5. Retained Earnings
  1. a two owners, formed b/c individual doesn't have enough resources to initiate/expand business, shared control
  2. b relationship among selected items of financial statement data
  3. c Beginning Retained Earnings + Net Income/Loss - Dividends = Ending Retained Earnings
  4. d Dividends
  5. e Income Statement, Retained Earnings, Balance Sheet, Statement of Cash Flows

5 Multiple choice questions

  1. no physical substance; patent, goodwill (one company buys another company), copyrights
  2. 1. Comparability: diff co. uses same ACC principles
    2. Consistency: co. uses same ACC principles year to year
    3. Verifiable
    4. Timely
    5. Understandability
  3. 1. Finance Activities: borrow from creditors (liabilities) and sell stock to shareholders
    2. Invest: assets required to operate
    3. Daily Operations: revenue, supply, inventory and expenses
  4. Common Stock and Retained Earnings
  5. collects and processes transactions, will affect at least 2 accounts

5 True/False questions

  1. Current Ratiocurrent assets / current liabilities (anything > 1 is good)


  2. Intracompanytwo years of same company


  3. FASBInternational Financial Reporting Standards


  4. Taxes and Legal Liabilitycorporations have less favorable tax treatment but corporation stockholders not as liable as sole prop and partnerships


  5. Going Concern Assumptionbusiness will remain in operation for forseable future


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