Reference no: EM13494911
1. United Airlines is an example of a:
a. producer.
b. supplier.
c. retailer,
d. service provider.
2. The three forms of business entities are:
a. Government, cooperatives, and philanthropic organizations.
b. Financing, investing, and operating.
c. Sole proprietorships, partnerships, and corporations.
d. Wholesaler, manufacturer, and retailer.
3. Which of the following statements would be true if you own stock in a company?
a. You are an owner of the retained earnings and capital stock of the company.
b. You have a claim to the assets of the business.
c. You have the right to receive interest on an annual basis.
d. You have the right to a portion of the company's revenues each accounting period.
4. Which one of the following business decisions will least likely require financial information?
a. The Gulf Coast Bank is reviewing the loan application from Tuo's Restaurant.
b. Tuo's Restaurant is attempting to sell its stock to the public.
c. The labor union representing Flaggler's Fitness Spa employees is negotiating a pay raise as part of a new labor agreement.
d. Tuo's Restaurant management is deciding whether to wash its catering vans today or tomorrow.
5. Which financial statement would you analyze to determine if a company distributed any of its profits to its shareholders?
a. Balance Sheet
b. Statement of Retained Earnings
c. Income Statement
d. Statement of Public Accounting
6. Macon Enterprises purchased land for $2,000,000 in 2001. In 2015, an independent appraiser assessed the value at $3,400,000. What amount should appear on the financial statements in 2015 with respect to the land?
a. $2,000,000
b. $1,400,000
c. $3,400,000
d. Whatever amount the company believes is the best indicator of the true value of the land.
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Analyze key circumstance that caused impairment of goodwill
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: Macon Enterprises purchased land for $2,000,000 in 2001. In 2015, an independent appraiser assessed the value at $3,400,000. What amount should appear on the financial statements in 2015 with respect to the land?
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