Study Guide

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1.
Sole proprietorships and partnerships atomic number 18 taxable entities.

[pic]A.
True

[pic]B.
False

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While sole proprietorships and partnerships moldiness file information returns with the IRS, their income is taxed on the individuals tax return (Forms of trading Organization).

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2.
Internal users of accounting information include a companys investors (or stockholders).

[pic]A.
True

[pic]B.
False

[pic]
Since stockholders are not normally officers, directors, or managers of the company they are considered outside(a) users of accounting information (Internal Users & External Users).

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|[pic] |2. |The current ratio is a liquidity ratio that is computed as current assets divided by current liabilities. |
| | | |
| | |[pic]A. |
| | |True |
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| | | |
| | |[pic]B.



|
| | |False |
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