A partnership is the same as a proprietorship except

Assignment Help Accounting Basics

Reference no: EM131025199

1. Elvon incorporated is a large multinational corporation located in the US. Elvon presents its financial statements in US dollars. This is an example of

a. Managerial accounting
b. Tax accounting
C. Financial accounting
D. None of the above

2. Stapling incorporated projects sales revenues will exceed $100 million next year. This is an example of

A. Managerial accounting
B. Tax accounting
C. Financial accounting
D. None of the above

3. A partnership is the same as a proprietorship except that it is owned by two or more individuals?

True or false

4. Using an accelerated depreciation method for tax purposes would be an example of

A. Managerial accounting
B. Financial accounting
C. Tax accounting
D. None of the above

5. Owners in corporations are liable only for the amount they have invested and no more?

True or false

6. The annual report is a good example of tax accounting?

True or false

7. Which one of the following entities separates the individual from the entity both legally and with respect to accounting?

A. Proprietorship
B. Corporation
C. Partnership
D. None of the above

8. Preparing a production plan would be an example of

A. Tax accounting
B. Managerial accounting
C. Financial accounting
D. None of the above

9. The quality that assumes that information is reasonably free from error is

A. Relevant
B. Conservatism
C. Understandability
D. Consistency
e. None of the above

10. A non profit organization such as a school does not prepare reports for external users?

True or false

Reference no: EM131025199

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