Chapter 1 HW

Which of the following does not accurately describe a partnership?

Stock represents the ownership of a partnership.

Which of the following is a reason why customers would be interested in a firm's financial information?

To determine the likelihood that the firm will remain in business.

Which of the following is considered a separate legal entity from its owners?

Corporation

Which of the following users of financial information is considered outside the business?

Customers

Which of the Following is not a service typically provided by a public accounting firm

Managing the accounting system

Which of the following does not accurately describe a sole proprietorship?

Sole proprietorship profits are subject to double taxation.

Which of the following is a reason why suppliers would be interested in a firm's financial information?

To assess the ability of a firm to pay its bills.