4. Which of the following is not an advantage of the corporate form of business organization? A. Limited liability of stockholders. B. Transferability of ownership. C. Unlimited personal liability for stockholders. D. Unlimited life.
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- Which of the following is an internal user of a company’s financial information?a. board of directors c. stockholders of the companyb. regulatory agencies d. long-term creditors of an enterprisesFor financial accounting purposes companies are a form of business ownership. Select one: True FalseFor a business of a certain size, which type of business organization provides the least amount of protection from bankers and other creditors of the company? OA. Proprietorship OB. Partnership C. Both a and b OD. Corporation
- Corporate responsibility refers to fulfilling the responsibility or the obligation that a company has toward its ----------------------------------? a. Stock holders only b. Owners only c. All of the Stakeholders d. Government onlyWhich of the following is not an external user of a business’s financial information? a. Taxing authorities b. Customers c. Employees d. InvestorsExplain how you would interprete Financial statements to your Chief Executive Officer who is a non-Accountant with illustrations? As per IAS 16: PPE, how would you recognize your company’s vehicle that was acquired with the intention of generating Revenue?
- Using the following categories, discuss the differences that exist between accounting for these items in a personal context versus for a business. Specifically provide examples of the difference in account names or terms used to describe the eguivalent item when related to accounting for a business. 1. Assets & LIabilities 2. Net Worth 3. Surplus(deficit)4. Match the description with its appropriate term. Group choices: a. Chief Financial Officer b. Financial Analyst c. Enrolled Agent d. Chief Executive Officer e. Controller f. Cash Managemnet Accountant Has responsibilities that include transferring monies between accounts and monitoring deposits? The corporation officer who has the overall responsibility of the management of a company? A corporate officer who reports to the chief executive officer and oversees all of the accounting and finance concerns of a company? The financial officer of a corporation reporting to the chief financial officer who is responsible for the accounting records and financial statements? A credential focusing on a career in taxation created by the IRS to signify significant knowledge of the US tax code? Someone who assists in preparing budgets, tracking actual costs and performs other tasks that support other management personnel in organizing forecasts and projections?9. Which of the following least describes the relatedness of Accounting and Financial Management? A) Both functions take into consideration accountability. B) Both are concerned with the proper preparation and presentation of Financial Statement. C) Both are concerned with the relevance and timeliness of financial information. D) Both deals primarily with financing and investing decisions. 10. Which of the following does not pertain to a Limited Liability Company (LLC) or Limited Liability Partnership (LLP) A) The owners of an LLC are referred to as members, and these owners may be individuals, partnerships, corporations, or other entities. B) LLC is not considered a form of business for tax purposes so it must file as a corporation, partnership, or sole proprietorship. C) Both special type of form of business may enjoy the benefits of limited liability. D) LLCs and LLPs are de facto businesses and are not legally accepted forms of business organization. 11. Which of the following is…
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