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?

































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
Salaries and wages expense
Rent expense

How much was Harold’s net income?








































































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?










































































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.
Stable Inc.

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?








































































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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