Homework answers / question archive / Louisiana State University, Shreveport ACCT 701 Quiz 1 TRUE/FALSE QUESTIONS 1)The balance sheet contains the same major headings as appear in the accounting equation

Louisiana State University, Shreveport ACCT 701 Quiz 1 TRUE/FALSE QUESTIONS 1)The balance sheet contains the same major headings as appear in the accounting equation

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2. The equity ratio is the stockholders’ equity divided by total liabilities?
3. A single proprietorship (sole proprietorship) is an unincorporated business owned by an individual and often managed by that individual.
4. The income statement shows the profitability of the company and is dated as of a particular date, such as December 31, 2014?
5. Retained earnings represent undistributed net income.
6. Accounting rules in the United States are known as International Financial Reporting Standards (IFRS)?
7. In a company, the person in charge of the accounting activity is known as the controller or chief financial officer?
8. The three forms of business organizations are: single proprietorship, partnership, and trust?
9. The equity ratio shows the proportion of the company’s assets that are financed through investments by the owners?
10. The three types of business activity are: service, merchandising, and manufacturing?