61. An example of a general-purpose financial statement would be a report about projected price increases related to transportation costs.
62. No significant differences exist between the accounting standards issued by the FASB and the IASB.
63. The Sarbanes-Oxley Act prohibits CPAs from providing nonaudit investment banking services.
64. The main objective for all business is to maximize unrealized profits.
65. The basic difference between manufacturing and merchandising companies is the completion level of the products they purchase for resale to customers.
66. Net income and net profit do mean the same thing.
67. Profit is the difference between
A. assets and liabilities
B. the incoming cash and outgoing cash
C. the assets purchased with cash spent by stockholders and the cash spent to operate the business
D. the assets received for goods and services and the amounts used to provide the goods and services
68. Most businesses in the United States are
A. sole proprietorships
B. partnerships
C. corporations
D. separate entities
69. Which of the items below is not
a business entity?
A. entrepreneurship
B. proprietorship
C. partnership
D. corporation
70. An entity that is organized according to state or federal statutes and in which ownership is divided into shares of stock is a
A. proprietorship
B. corporation
C. partnership
D. governmental unit