Which principle of accounting from the AICPA states that all professional accountants are obligated to follow the AICPA principles in all activities?
A. principle 3: integrity
B. principle 4: objectivity and independence
C. principle 5: due care
D. principle 6: scope and nature of services
D. principle 6: scope and nature of services
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Which one of the following is an operating activity of a business?
a. Paying for purchases of inventory b. Issuing stock for cash c. Borrowing money from a bank d. Purchasing a manufacturing plant
The classified Balance Sheet will divide its Liabilities Section as the following subsections
A) Current Liabilities and Long-Term Liabilities B) Current Liabilities and Other Liabilities C) Other Liabilities and Long-Term Liabilities D) Present Liabilities and Tomorrow's Liabilities
Board members can be classified as either _______________.
a. Related or unrelated b. Inside or outside c. Tactical or operational d. Financial or nonfinancial
The ________ is the most common form of business organization in the United States
A) partnership B) C corporation C) S corporation D) limited liability company