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Which form of business organization is characterized by the attribute of double taxation? 1 answer below » Which form of business organization is characterized by the attribute of double taxation? Document Preview: ©Cambridge Business Publishers, 2014 Quiz 1-1 Financial Accounting for Undergraduates, 2nd Edition Financial Accounting for Undergraduates, 2nd Edition by Ferris, Wallace and Christensen Practice Quiz Chapter 1. Financial Accounting and Business Decisions Identify the choice that BEST completes the statement or answers the question. 1. Which form of business organization is View complete question » Which form of business organization is characterized by the attribute of double taxation? Document Preview: ©Cambridge Business Publishers, 2014 Quiz 1-1 Financial Accounting for Undergraduates, 2nd Edition Financial Accounting for Undergraduates, 2nd Edition by Ferris, Wallace and Christensen Practice Quiz Chapter 1. Financial Accounting and Business Decisions Identify the choice that BEST completes the statement or answers the question. 1. Which form of business organization is characterized by the attribute of double taxation? a. Sole proprietorship b. Partnership c. Corporation d. Both sole proprietorship and partnership. 2. What is the principal difference between a sole proprietorship and a partnership? a. Limited liability b. Double taxation of partnership income c. The number of owners d. Relative ease of ownership transfer 3. U.S. GAAP refers to: a. A set of accounting standards used worldwide b. A set of accounting standards approved by the U.S. Congress c. A rigid set of accounting standards that must be uniformly applied by all U.S. businesses d. A set of accounting standards that form the guidelines for financial accounting 4. The Sarbanes-Oxley Act refers to: a. U.S. legislation passed in 2002 to restore investor trust in U.S. GAAP b. U.S. legislation that created the Internal Revenue Service (IRS) c. Legislation passed by the U.S. Securities & Exchange Commission to reduce fraud d. Legislation passed by the European Union to create the IASB and IFRS 5. The three types of business activities undertaken by all enterprises are: a. Purchasing, receiving and selling b. Financing, investing, and operating c. Manufacturing, marketing, and sales d. Sales, servicing, and delivery
©Cambridge Business Publishers, 2014 Quiz 1-2 Financial Accounting for Undergraduates, 2nd Edition 6. The sale of stock in a business is an example of what type of business activity? a. Investing b. Marketing c. Operating d. Financing 7. The accounting equation requires that: a. Total assets equal total liabilities plus stockholders’ equity b. Current assets equal current liabilities plus… Attachments: fau2e-student….pdf View less » Dec 02 2015 04:14 AM
