1. (TCO 1) Which of the following would not be considered an internal user of accounting data for a company? (Points : 4) 
President of a company
Controller of a company
Creditor of a company
Salesperson of a company

2. (TCO 1) Resources owned by a business are referred to as _________. (Points : 4) 
stockholders’ equity.
liabilities.
assets.
revenues.

 

3. (TCO 1) To show how successfully your business performed during a period of time, you would report its revenues and expenses in the _________. (Points : 4) 
balance sheet.
income statement.
statement of cash flows.
retained earnings statement.

 

 

4. (TCO 1) Henson Company began the year with retained earnings of $175,000. During the year, the company recorded revenues of $250,000, expenses of $190,000, and paid dividends of $20,000. What was Henson’s retained earnings at the end of the year? (Points : 4) 
$255,000
$215,000
$405,000
$235,000

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