An entity that is organized according to state or federal statutes and in which ownership is divided into shares of stock is
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Question
1. Question : An entity that is organized according to state or federal statutes and in which ownership is divided into shares of stock is a
Student Answer: proprietorship.
corporation.
partnership.
governmental unit.
2. Question : When a product is sold, this cost is often called
Student Answer: cost of goods sold.
revenue.
products.
retained earnings.
3. Question : Which of the following are business stakeholders?
Student Answer: Stockholders
Suppliers
Customers
All of these
4. Question : The role of accounting in business is best defined as
Student Answer: an information system that provides reports to stakeholders about the economic activities and condition of a business.
a method of forecasting the future profitability of a company.
the policies, procedures, and strategies used in a business.
transaction analysis.
5. Question : The following are examples of internal stakeholders EXCEPT:
Student Answer: managers.
creditors.
employees.
All of these are internal stakeholders.
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