Accounting Chapter 1 Part 1

Match each of the following forms of business organization with a set of characteristics: sole proprietorship, partnership, corporation. Shared control, tax advantages, increased skills and resources.

Match each of the following forms of business organization with a set of characteristics: sole proprietorship, partnership, corporation. Simple to set up and maintains control with owner.

Match each of the following forms of business organization with a set of characteristics: sole proprietorship, partnership, corporation. Easier to transfer ownership and raise funds, no personal liability.

Indicate whether each statement below applies to a sole proprietorship, partnership, or corporation. More than one answer may be appropriate. Simple to establish.

Indicate whether each statement below applies to a sole proprietorship, partnership, or corporation. More than one answer may be appropriate. Shared control.

Indicate whether each statement below applies to a sole proprietorship, partnership, or corporation. More than one answer may be appropriate. Easy to transfer ownership.

Indicate whether each statement below applies to a sole proprietorship, partnership, or corporation. More than one answer may be appropriate. No personal liability.

Indicate whether each statement below applies to a sole proprietorship, partnership, or corporation. More than one answer may be appropriate. Tax advantages.

Indicate whether each statement below applies to a sole proprietorship, partnership, or corporation. More than one answer may be appropriate. Easier to raise funds.

Generally receives favorable tax treatment relative to a corporation.

A business organized as a corporation is owned by its

Which of the following is not one of the three forms of business organization? Corporations Proprietorships Partnerships Investors

A business organized as a separate legal entity is a

Most business enterprises in the United States are

Which of the following is not an advantage of the corporate form of business organization? Favorable tax treatment. Easy to transfer ownership. No personal liability. Easy to raise funds.

Which of the following is an advantage of corporations relative to partnerships and sole proprietorships? Reduced legal liability for investors. Most common form of organization. Lower taxes. Harder to transfer ownership.

Which of the following external groups uses accounting information to determine whether the company can pay its obligations? Marketing managers Creditors Chief Financial Officer Investors in common stock

Which of the following groups uses accounting information to determine whether a marketing proposal will be cost effective? Investors in common stock Creditors Chief Financial Officer Marketing managers