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Louisiana State University, Shreveport ACCT 701 CHAPTER 1 1)T / F) The balance sheet contains the same major headings as appear in the accounting equation

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Louisiana State University, Shreveport

ACCT 701

CHAPTER 1

1)T / F) The balance sheet contains the same major headings as appear in the accounting equation.

2.  (T / F) The equity ratio is the stockholders’ equity divided by total liabilities.
3.  (T / F) A single proprietorship (aka sole proprietorship) is an unincorporated business owned by an individual and often managed by that individual.
4.  (T / F) The income statement shows the profitability of the company and is dated as of a particular date, such as December 31, 2014.
5.  (T / F) Retained earnings represent undistributed net income.
6. T / F) Accounting rules in the United States are known as International Financial Reporting Standards (IFRS).
7.  (T / F) In a company the person in charge of the accounting activity is called the controller or chief financial officer.
8.  (T / F) The three forms of business organizations are single proprietorship, partnership, and trust.
9. T / F) The equity ratio shows the proportion of the company's assets that is financed through investments by the owners.