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.