Acc 101 UPDATED Actual Exam Questions and CORRECT Answers
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Course
ACC101
Institution
ACC101
Acc 101 UPDATED Actual Exam
Questions and CORRECT Answers
Accounting is an information and measurement system that does all of the following except
Identifies business activities
Records business activities
Communicates business activities
Eliminates the need for interpreting financial data
...
Acc 101 UPDATED Actual Exam
Questions and CORRECT Answers
Accounting is an information and measurement system that does all of the following except
Identifies business activities
Records business activities
Communicates business activities
Eliminates the need for interpreting financial data
Helps people make better decisions - CORRECT ANSWER✔✔- Eliminates the need for
interpreting financial data
Technology:
Has replaced accounting
Has not improved the clerical accuracy of accounting
"Reduces the time, effort and cost of recordkeeping"
In accounting has replaced the need for decision makers
In accounting is only available to large corporations - CORRECT ANSWER✔✔- Reduces
the time, effort and cost of recordkeeping"
The primary objective of financial accounting is to:
,Serve the decision-making needs of internal users
Provide accounting information that serves external users
Monitor and control company activities
Provide information on both the costs and benefits of looking after products and services.
"Know what, when, and how much product to produce" - CORRECT ANSWER✔✔-
Provide accounting information that serves external users
A corporation is
A business legally separate from its owners
Controlled by the FASB
Not responsible for its own acts and own debts
The same as a limited liability partnership
Not subject to double taxation - CORRECT ANSWER✔✔- A business legally separate from
its owners
The conceptual framework that the Financial Accounting Standards Board (FASB) and the
International Accounting Standards Board (IASB) are attempting to converge and enhance
includes the following broad areas to guide standard setting except:
Objectives
Qualitative characteristics
, Uniformity
Elements
Recognition and measurement - CORRECT ANSWER✔✔- Uniformity
The accounting concept that requires every business to be accounted for separately from
other business entities, including its owner or owners is known as the:"
Time-period assumption
Business entity assumption
Going-concern assumption
Revenue recognition principle
Cost principle - CORRECT ANSWER✔✔- Business entity assumption
"The rule that requires financial statements to reflect the assumption that the business will
continue operating instead of being closed or sold, unless evidence shows that it will not
continue, is the:"
Going-concern assumption
Business entity assumption
Objectivity principle
Cost Principle
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