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acct. chapter 1

Corporations generally receive more favorable tax treatment than sole proprietorships and partnerships
false (Sole proprietorships and partnerships generally receive more favorable tax treatment than corporations)
In which forms of business organization are the owners personally liable for all the debts of the business
sole proprietorship and partnerships (Owners are personally liable for all debts of the business in both sole proprietorships and partnerships)
Which of the following is (not) an external user of accounting data
CFO (Since the CFO is within the organization and has access to information not released to the public, he or she is an internal user of accounting data)
Which of the following is required as a result of SOX
Top management must certify the financial statements for their company (Top management must certify the financial statements for their company. This is intended to reduce unethical corporate behavior)
Which of the following is not one of the three primary business activities
Advertising (Advertising is a type of operating activities)
In terms of the principal types of business activities, paying salaries expense is an example of
operating activities (Since paying salaries is usually part of the everyday operations of the company, it is part of operating activities)
What section of a cash flow statement shows the cash spent on new equipment during the past accounting period?
The investing section (The investing section of the statement of cash flows provides information about property, plant, and equipment accounts)
Which of the following are not considered to be primary users of financial statements in countries outside the U.S.
Economic advisors (Although economic advisors may read financial statements, they more often are focused on macro economic conditions of the local economy and the greater region)

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