Question 1. Easy transfer of ownership is a characteristic of which form of business organization?
Partnership or Corporation.
Question 2. Which of the following is not an external user of accounting data?
Customers.
Labor unions.
The Federal Trade Commission.
Finance director
Question 3. In terms of the principal types of business activities, paying interest expense and receiving interest revenue are examples of
Operating activities.
Financing activities.
Investing activities.
Advertising activities
Question 4.
(a) If total assets increased $151,747 during the year and total liabilities decreased $76,550, what is the amount of stockholders' equity at the end of the year?
(b) During the year, total liabilities increased $109,180 and stockholders' equity decreased $61,539. What is the amount of total assets at the end of the year.
(c) If total assets decreased $94,654 and stockholders' equity increased $103,318 during the year, what is the amount of total liabilities at the end of the year?