Acc 561 Final Exam Latest Uop Course Assignments

49. Which of the following is an advantage of corporations relative to partnerships and sole proprietorships?
• Lower taxes.
• Harder to transfer ownership.
• Most common form of organization.
• Reduced legal liability for investors.
64. The group of users of accounting information charged with achieving the goals of the business is its
• Auditors.
• Creditors.
• Managers.
• Investors.

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110. Which of the following financial statements is concerned with the company at a point in time?
• Income statement.
• Balance sheet.
• Retained Earnings statement.
• Statement of cash flows.
112. An income statement
• Presents the revenues and expenses for a specific period of time.
• Summarizes the changes in retained earnings for a specific period of time.
• Reports the assets, liabilities, and stockholders’ equity at a specific date.
• Reports the changes in assets, liabilities, and stockholders’ equity over a period of time.

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118. The most important information needed to determine if companies can pay their current obligations is the
• Net income for this year.
• Relationship between current assets and current liabilities.
• Projected net income for next year.
• Relationship between short-term and long-term liabilities.
124. A liquidity ratio measures the
• Short-term ability of a company to pay its maturing obligations and to meet unexpected needs for cash.
• Percentage of total financing provided by creditors.
• Income or operating success of a company over a period of time.
• Ability of a company to survive over a long period of time.

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165. The convention of consistency refers to consistent use of accounting principles
• Throughout the accounting periods.
• Among firms.
• Within industries.
• Among accounting periods.
90. Horizontal analysis is...