Name: __________________________ Date: _____________ 1. From an accounting standpoint, the acquisition of long-lived assets is essentially a(n) A) accrual of expense. B) accrual of revenue. C) […]

1. The ACE Company has five plants nationwide that cost $100 million. The current market value of the plants is $500 million. The plants will be […]

Multiple Choice – (2 points each) select the ONE best answer 1. Under the definition of accounting, which of the following is not one of the […]

1. (TCO A) For 2007 Landford Corporation reported net income of $30,000; net sales $400,000; and average share outstanding 6,000. There were no preferred stock dividends. […]

1. A problem with the specific identification method is that a. inventories can be reported at actual costs. b. management can manipulate income. c. matching is […]

1) Which of the following is an external user of accounting information? a.Managers b.Labor unions c.Finance directors d.Company officers 2) The accounting process is correctly sequenced […]

Week 8 Final Exam 1. Debt and obligations of a business are referred to as a. assets. b. equities. c. liabilities. d. expenses. 2. Which financial […]

1. (TCO A) Which of the following is an advantage of the sole proprietorship relative to the corporate form of business organization? (Points : 5) Limited […]

1. (TCO A) Which one of the following is an advantage of corporations relative to partnerships and sole proprietorships? (Points : 5) Reduced legal liability for […]