5 Questions
Which of the following is a business organized as a separate legal entity?
Corporation
Which of the following is not one of the three forms of business organization?
Investors
Who would not be considered an internal user of accounting data for the Xanadu Company?
President of the employees' labor union
What is the liability created by a business when it purchases goods on credit from suppliers termed as?
Account payable
What is the right to receive money in the future called?
Account receivable
Test your knowledge of business organization with this multiple-choice quiz on Chapter 1 questions. Challenge yourself with questions about separate legal entities, forms of business organization, and internal users.
Make Your Own Quizzes and Flashcards
Convert your notes into interactive study material.
Get started for free
