In which forms of business organization are the owners personally liable for all the debts of the business?


Sole proprietorships and corporations



Sole proprietorships and partnerships



Partnership and corporation



All of the answer choices are correct

Practice Question 10

Which of the following is not an

external user of accounting data?


Economic planners



Labor unions






Chief Financial Officer

Practice Question 26

The financial statements for Harold Corporation contained the following information:

Accounts receivable

$ 5,000






Salaries and wages expense


Rent expense


How much was Harold’s net income?















Practice Question 29

In which of the following sequences are the financial statements usually prepared?


Income statement, balance sheet, retained earnings statement, and statement of cash flows.



Balance sheet, retained earnings statement, statement of cash flows, and income statement.



Balance sheet, statement of cash flows, income statement and retained earnings statement.




Income statement, retained earnings statement, balance sheet, and statement of cash flows.

ractice Question 48

Which of the following are not considered to be primary users of financial statements in countries outside the U.S.?


Private investors



Economic advisors 



Tax authorities



Central government planners




Practice Question 14

For 2017, Stoneland Corporation reported net income, $24,000; net sales, $400,000; and average shares outstanding, 6,000. There were no preferred stock dividends. How much was the 2017 earnings per share?















Practice Question 23

The following ratios are available for Leer Inc. and Stable Inc.


Current Ratio


Debt to Assets Ratio


Earnings per Share


Leer Inc.







Stable Inc.







Compared to Stable Inc., Leer Inc.



higher liquidity, lower solvency, and higher profitability.



lower liquidity, higher solvency, and higher profitability.



higher liquidity and lower solvency, but profitability cannot be compared based on information provided.



higher liquidity, higher solvency, but profitability cannot be compared based on information provided.

Practice Question 18

At December 31,

2017, Shorts Company had retained earnings of $2,184,000. During 2017, the company issued stock for $98,000, and paid dividends of $34,000. Net income for 2017 was $402,000. How much was the retained earnings balance at the beginning of 2017?












Practice Question 27

Which of the following

ratios measures the ability of the company to survive over a long period of time?


Solvency ratios



Profitability ratios



Liquidity ratios



Current ratios

Practice Question 38

What are the accounting rules that have substantial authoritative support and are recognized as a general guide for financial reporting purposes in the U. S.?

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Generally accepted accounting standards



Generally accepted accounting principles



General accounting principles



Generally accepted auditing principles



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