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Financial Accounting Test Questions and Complete Solutions Graded A+
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Financial Accounting Test Questions and Complete Solutions Graded A+
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FinancialAccounting Test
Questions and
Complete Solutions
Graded A+
Denning [Date] [Course title]
, Which of the following is not an advantage of the corporate form of business organization? - A. The
protection afforded stockholders against personal liability
B. The relative ease of selling ownership shares
C. The ease with which capital can be raised
Answer:D. Both the business and the owners are taxed
The The three types of business activities in which every business, regardless of organizational form, its
industry or its size, is involved are: - A. Financing activities, investing activities, financial accounting
activities
B. Operating activities, banking activities, financing activities
C. Financing activities, banking activities, financial accounting activities
Answer:D. Financing activities, operating activities, investing activities
Which one of the following is not an external user of financial information? - Answer:A. Senior
company management
B. Stockholders
C. Internal Revenue Service
D. Creditors
The area of accounting dealing with the preparation of financial statements showing a business's results
of operations, financial position, and cash flow is referred to as: - Answer:A. Financial accounting
B. Managerial accounting
C. Tax accounting
D. Regulatory accounting
E. None of the above
The communication activity of the accounting process must: - A. Quantify the economic activities of a
business
B. Identify the relevant economic activities of a business
C. Record the resulting measures in a systematic manner
Answer:D. Prepare financial reports and help interpret financial results to meet users' needs
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