Study Guide
Description / Instructions: Complete the Week 1 WileyPLUS Practice Quiz.
Multiple Choice Question 41
The proprietorship form of business organization
generally receives favorable tax treatment relative to a corporation.
combines the records of the business with the personal records of the owner.
is classified as a separate legal entity.
must have at least two owners in most states.
Multiple Choice Question 45
Most business enterprises in the United States are
government units.
corporations.
proprietorships and partnerships.
partnerships.
Multiple Choice Question 46
A business organized as a separate legal entity is a
partnership.
proprietor.
government unit.
corporation.
Multiple Choice Question 57
Which of the following is the best definition of an internal user of accounting information?
Labor unions who use accounting information to examine the ability of the company to pay increased wages and benefits.
Investors who use accounting information to decide whether to buy or sell stock.
Managers who use accounting information to plan, organize, and run a business.
Creditors like banks that use accounting information to evaluate the risk of lending money.
Multiple Choice Question 63
Which of the following groups uses accounting information primarily to insure the entity is operating within prescribed rules?
Regulatory agencies
Labor Unions
Management
Taxing authorities
Multiple Choice Question 65
Which of the following groups uses accounting information to determine whether the company can pay its obligations?
Investors in common stock
Chief Financial Officer
Multiple Choice Question 41
The proprietorship form of business organization
generally receives favorable tax treatment relative to a corporation.
combines the records of the business with the personal records of the owner.
is classified as a separate legal entity.
must have at least two owners in most states.
Multiple Choice Question 45
Most business enterprises in the United States are
government units.
corporations.
proprietorships and partnerships.
partnerships.
Multiple Choice Question 46
A business organized as a separate legal entity is a
partnership.
proprietor.
government unit.
corporation.
Multiple Choice Question 57
Which of the following is the best definition of an internal user of accounting information?
Labor unions who use accounting information to examine the ability of the company to pay increased wages and benefits.
Investors who use accounting information to decide whether to buy or sell stock.
Managers who use accounting information to plan, organize, and run a business.
Creditors like banks that use accounting information to evaluate the risk of lending money.
Multiple Choice Question 63
Which of the following groups uses accounting information primarily to insure the entity is operating within prescribed rules?
Regulatory agencies
Labor Unions
Management
Taxing authorities
Multiple Choice Question 65
Which of the following groups uses accounting information to determine whether the company can pay its obligations?
Investors in common stock
Chief Financial Officer