(Solution) -ACC 205 Week 4 Chapter 7,8 Quiz and Video Quiz Updated

Paper Details

ACC 205 Week 4 Chapter 7,8 Quiz and Video Quiz

1. Current Liabilities are _____________________________. (Points : 1)

Question 2. 2. The Unearned Revenue account is used to record ____________________. (Points : 1)

Question 3. 3. A contingent liability like a lawsuit is required to be recorded when the probability of an unfavorable outcome is __________________. (Points : 1)

Question 4. 4. An employer is required to match certain payroll taxes like ________________. (Points : 1)

Question 5. 5. If a firm plans to conduct business in multiple states what organization form is required? (Points : 1)

Question 6. 6. The form of business organization that has a perpetual existence is the ___________. (Points : 1)

Question 7. 7. The concept of mutual agency in relationship to a partnership means______________. (Points : 1)

Question 8. 8. A sole proprietor __________________. (Points : 1)

Question 9. 9. The journal entry needed when a partner contributes assets to the partnership would include ____________________. (Points : 1)

Question 10.10. The term par value in a business organization refers to_________________. (Points : 1)

Part 2

1. A stockholder in a corporation has limited liability. 
Question 2. 2. Income for a partner incurs double taxation since the partnership is a taxable entity. (Points : 1)
Question 3. 3. A partnership has perpetual existence since someone can purchase the share of the partnership belonging to a deceased partner upon their death. 
Question 4. 4. A sole proprietor cannot have employees and remain a sole proprietor.   
Question 5.5. Treasury stock is stock that has been repurchased by the issuing corporation.