Chapter 1 Test
Internal Revenue Service Agent,
enjoys an unlimited life.
is a common form of organization for service-type businesses.
is a separate legal entity.
has limited liability.
Investors in common stock
Chief Financial Officer
The certification criteria of the company’s auditors.
The ability of the company to pay near-term obligations.
The results of the company operations.
The company’s ability to fund operations and expansion.
possess service potential.
are things of value owned by a business.
are future economic benefits.
are debts and obligations.
Common stock 60,000
Accounts payable 40,000
Accounts receivable 30,000
Retained earnings, 1/1/12 150,000
Benedict’s retained earnings on December 31, 2012 are:
Owners’ investment in the business.
resources belonging to a company have future benefit to the company.
cash owned by the company.
collections of resources belonging to the company and the claims on these resources.
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