1)In which forms of business organization are the owners personally liable for all the debts of the business?

Sole proprietorships and corporations.

Sole proprietorships and partnerships.

Partnership and corporation.

All of the answer choices are correct.

2)Which of the following isnotan external user of accounting data?

Economic planners

Chief Financial Officer

Customers

Labor unions

3)The financial statements for Harold Corporation contained the following information:

Accounts receivable$ 5,000Sales revenue75,000Cash15,000Salaries and wages expense20,000Rent expense10,000

How much was Harold's net income?

$60,000

$15,000

$65,000

$45,000

4)In which of the following sequences are the financial statements usually prepared?

Income statement, retained earnings statement, balance sheet, and statement of cash flows.

Income statement, balance sheet, retained earnings statement, and statement of cash flows.

Balance sheet, retained earnings statement, statement of cash flows, and income statement.

Balance sheet, statement of cash flows, income statement and retained earnings statement

5)Which of the following arenotconsidered to be primary users of financial statements in countries outside the U.S.?

Central government planners

Private investors

Economic advisors

Tax authorities