Which of the following financial statements is divided into major categories of operating, investing, and financing activities?
Question:
a- The statement of cash flows.
b- The balance sheet.
c- The income statement.
d- The retained earnings statement.
4- Ending retained earnings for a period is equal to beginning
a- Retained earnings –Net income – Dividends
b- Retained earnings + Net income – Dividends
c- Retained earnings + Net income + Dividends
d- Retained earnings – Net income + Dividends.
5- Which of the following is not an advantage of the corporate form of business organization?
a- No personal liability
b- Favorable tax treatment
c- Easy to transfer ownership
6- Which of the following is not an advantage of the corporate form of business organization?
a- No personal liability
b- Favorable tax treatment
c- Easy to transfer ownership
d- Easy to raise Funds
Financial Accounting: A Business Process Approach
ISBN: 978-0136115274
3rd edition
Authors: Jane L. Reimers