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Principles of Accounting I: The Latest Version A+ Study Guide
Principles of Accounting I: The Latest Version A+ Study Guide
PRINCIPLES OF ACCOUNTING I
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ACC 290 Entire Course Link
https://plus.google.com/u/0/108200033792883877670/posts/dWT4sDYbQKM
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Practice Question 05
In which forms of business organization are the owners personally liable for all the debts of
the business?
Customers
Economic planners
Labor unions
Practice Question 26
The financial statements for Harold Corporation contained the following information:
Cash 15,000
$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.
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
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.
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.?