Walden University
Straighterline Business
ACC 101 Straighterline Business Financial
Accounting Exam
Course Title and Number: ACC 101 Straighterline
Business Financial Accounting Exam
Exam Title: ACC 101 Straighterline Business Financial
Accounting Exam
Exam Date: Exam 2024- 2025
Instructor: [Insert Instructor’s Name]
Student Name: [Insert Student’s Name]
Student ID: [Insert Student ID]
Examination
180 minutes
Instructions:
1. Read each question carefully.
2. Answer all questions.
3. Use the provided answer sheet to mark your responses.
4. Ensure all answers are final before submitting the exam.
5. Please answer each question below and click Submit when you
have completed the Exam.
6. This test has a time limit, The test will save and submit
automatically when the time expires
7. This is Exam which will assess your knowledge on the course
Learning Resources.
Good Luck!
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, Straighterline Business 2024-2025
ACC 101 Straighterline Business Financial Accounting
Final Exam 1 Prep Questions with Verified solutions |
100% Pass Guaranteed | Graded A+ |
Read All Instructions Carefully and Answer All the
Questions Correctly Good Luck: -
Which of the following statements is false?
a. The focus of financial accounting is on the creation of
financial information that will be used chiefly by
managers of a business in making decisions about
adding or removing product lines.✓
b. The focus of managerial accounting is on the
creation of financial information that will be used
chiefly by managers of a business in making decisions
about the performance of divisions or departments
within the firm.
c. The focus of financial accounting is on the creation of
financial information that will assist investors and
creditors when making decisions about whether to
invest in the stock of the firm or extend loans to the
firm.
d. Managerial accounting information may be prepared
in a manner that fits the needs of management rather
than the external investment community. - Answer>> a.
The focus of financial accounting is on the creation of
financial information that will be used chiefly by
managers of a business in making decisions about
adding or removing product lines.
According to the conceptual framework jointly
developed by the IASB and the FASB, financial
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, information is relevant when it - Answer>> provides
predictive or confirmatory value.
The primary source of generally accepted accounting
principles (GAAP) in the United States at this time is
the: - Answer>> Financial Accounting Standards Board
(FASB).
According to the conceptual framework jointly
developed by the IASB and the FASB, fundamental
qualitative characteristics of financial reporting include:
- Answer>> Relevance and faithful representation.
The principal benefit of a single set of global financial
reporting standards is - Answer>> Increased ease of
international capital flow.
Which of the following statements is true?
a. U.S. generally accepted accounting principles (GAAP)
are principles-based.
b. International financial reporting standards (IFRS) are
principles-based.
c. U.S. GAAP is less detailed than IFRS.
d. U.S. GAAP involves more judgement in the
application of accounting principles. - Answer>> b.
International financial reporting standards (IFRS) are
principles-based.
Compared to International Financial Reporting
Standards (IFRS), U.S. GAAP - Answer>> is less prone to
legal difficulty because U.S. GAAP is rules-based, while
IFRS is principles-based.
Which of the following accounts would not appear on an
income statement?
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