Which of the following persons or groups have the ultimate control of a corporation?
A) the chief executive officer
B) the board of directors
C) the audit committee
D) the shareholders
A) reports issued by outside consultants who are hired to analyze key operations of the business
B) reports created by management that states it is responsible for the acts of the corporation
C) standard documents that tell us how well a business is performing and where it stands in financial terms
D) standard documents issued by outside consultants who are hired to analyze key operations of the business in financial terms
4) Since they are both the same activities, the terms "accounting" and "bookkeeping" are synonymous and can be used interchangeably.
5) The three forms of business organizations are sole proprietorships, partnerships, and non-profit organizations.
6) Accounting is called an information system since it measures business activities, processes data into reports, and communicates results to decision makers.
7) From a legal perspective, sole proprietors, partners and shareholders are personally liable for the debts of their businesses they invest in.
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