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5 Written questions

5 Matching questions

  1. Corporation
  2. Intl ACC Standards Board (IASB)
  3. Sole Proprietorship
  4. What goes to shareholders?
  5. Balance Sheet
  1. a Dividends
  2. b Intl Financial Reporting Standards (IFRS)
  3. c business organization as separate legal entity owned by stockholders, investors share stock making it easy to sell/raise funds, largest revenue
  4. d one owner, easy to set up, tax advantages, transfer of ownership is difficult
  5. e Liabilities + Stockholder's Equity = Assets

5 Multiple choice questions

  1. sets precedents/rules
  2. no physical substance; patent, goodwill (one company buys another company), copyrights
  3. combine tax advantages with limited liability
  4. with competitor of same industry
  5. current assets / current liabilities (anything > 1 is good)

5 True/False questions

  1. Retained Earnings1. Comparability: diff co. uses same ACC principles
    2. Consistency: co. uses same ACC principles year to year
    3. Verifiable
    4. Timely
    5. Understandability


  2. Classified Balance SheetCurrent Assets + Property, Plant and Equipment = Total Assets
    Current Liabilities + Long Term Liabilities + Stockholder's Equity = Total Liabilities and Stockholder's Equity


  3. Stockholder's EquityRevenue - Expenses = Net Income/Loss


  4. Income StatementRevenue - Expenses = Net Income/Loss


  5. Industry Averageaverage ratios for particular industries