ACC 290 Week 1 Practice Quiz

ACC 290 Week 1 Practice Quiz

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 ACC 290 Week 1 Practice Quiz
 

 

Complete the Week 1 Practice Quiz in WileyPLUS
 

 

 
 

Practice Question 05

In which forms of business organization are the owners personally liable for all the debts of the business?

Sole proprietorships and corporations

 

Sole proprietorships and partnerships

 

Partnership and corporation

 

All of the answer choices are correct

 

 

 

Practice Question 10

Which of the following is not an external user of accounting data?

Customers

 

Economic planners

 

Labor unions

 

Chief Financial Officer

 

 

 

 

Practice Question 26

The financial statements for Harold Corporation contained the following information:

Accounts receivable

$ 5,000

Sales revenue

75,000

Cash

15,000

Salaries and wages expense

20,000

Rent expense

10,000

How much was Harold’s net income?

$60,000

 

$65,000

 

$45,000

 

$15,000

 

 

 

 

Practice Question 29

In which of the following sequences are the financial statements usually prepared?

Balance sheet, statement of cash flows, income statement and retained earnings statement.

 

Balance sheet, retained earnings statement, statement of cash flows, and income statement.

 

Income statement, retained earnings statement, balance sheet, and statement of cash flows.

 

Income statement, balance sheet, retained earnings statement, and statement of cash flows.

 

 

 

 

Practice Question 48
 

Which of the following are not considered to be primary users of financial statements in countries outside the U.S.?

Economic advisors 

 

Private investors

 

Central government planners

 

Tax authorities

 

 

Practice Question 14

For 2017, Stoneland Corporation reported net income, $24,000; net sales, $400,000; and average shares outstanding, 6,000. There were no preferred stock dividends. How much was the 2017 earnings per share?

$4.00

 

$0.06

 

$16.67

 

$66.67

 

 

 

 

 

 

Practice Question 23

The following ratios are available for Leer Inc. and Stable Inc.

Current Ratio

Debt to Assets Ratio

Earnings per Share

Leer Inc.

2:1

75%

$3.50

Stable Inc.

1.5:1

40%

$2.75

Compared to Stable Inc., Leer Inc. has

lower liquidity, higher solvency, and higher profitability.

 

higher liquidity, higher solvency, but profitability cannot be compared based on information provided.

 

higher liquidity, lower solvency, and higher profitability.

 

higher liquidity and lower solvency, but profitability cannot be compared based on information provided.

 

 

 

 

 

Practice Question 18

At December 31, 2017, Shorts Company had retained earnings of $2,184,000. During 2017, the company issued stock for $98,000, and paid dividends of $34,000. Net income for 2017 was $402,000. How much was the retained earnings balance at the beginning of 2017?

$2,454,000

 

$1,816,000

 

$2,552,000

 

$1,914,000

 

 

 

 

Practice Question 27

Which of the following ratios measures the ability of the company to survive over a long period of time?

Profitability ratios

 

Current ratios

 

Liquidity ratios

 

Solvency ratios

 

 

 

Practice Question 38

What are the accounting rules that have substantial authoritative support and are recognized as a general guide for financial reporting purposes in the U. S.?

Generally accepted auditing principles

 

Generally accepted accounting principles

 

General accounting principles

 

Generally accepted accounting standards
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