ACC212 Exam 1 Review

ACC212 Exam 1 Review

University

92 Qs

quiz-placeholder

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ACC212 Exam 1 Review

ACC212 Exam 1 Review

Assessment

Quiz

Other

University

Medium

Created by

Macy Dobleske

Used 6+ times

FREE Resource

92 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Retailers and wholesalers are two types of merchandisers.

True

False

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

A business must ensure that its enterprise fits into a single classification as a manufacturer, service provider, merchandiser, or lessor.

True

False

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

A business is required to pay dividends to stockholders at least two times per year.

True

False

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

A restaurant purchased a new oven for $45,000 by signing a five-year note payable to the seller. This transaction involves both investing and financing activities.

True

False

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Unlimited personal liability for business debts is the primary disadvantage of a sole proprietorship.

True

False

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Unlimited personal liability for business debts is a possible disadvantage of a partnership.

True

False

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

A limited liability company (LLC) may allow owners to enjoy the limited liability of a corporation while benefiting from tax advantages that are similar to a sole proprietorship or partnership.

True

False

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