Quick Quiz

These items are considered internal users except :

• a) Stockholders

• b) Marketing

• c) Suppliers

• d) Human resources

Ethics are the standards of conduct by which one's actions are judged as: 

• a) right or wrong.

• b) honest or dishonest. 

• c) fair or not fair.

• d) all of these options.

The three steps in the accounting process are   

        identification , recording  and communication

• True

• False

Combining the activities of Kellog and General Mills would violate :

• A) Cost principle

• b) Monetary unit assumption

• c) Economic entity assumption

• 4. d) Ethics principle

A business organized as a separate legal entity under state law having ownership divided into shares of stock is a :

• 1.Proprietorship

• 2.Partnership

• 3.Corporation

• 4.Sole proprietorship