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Straighterline Business ACC 101 Straighterline Business Financial Accounting Final Exam Practice Test Questions and Answers | 100% Pass Guaranteed | Graded A+ |$14.99
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Straighterline Business ACC 101 Straighterline Business Financial Accounting Final Exam Practice Test Questions and Answers | 100% Pass Guaranteed | Graded A+ |
Straighterline Business
ACC 101 Straighterline Business Financial Accounting Final Exam Practice Test Questions and Answers | 100% Pass Guaranteed | Graded A+ |
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 Practice Test Questions and Answers | 100%
Pass Guaranteed | Graded A+ |
Read All Instructions Carefully and Answer All the
Questions Correctly Good Luck: -
Know the 3 forms of business entities - Answer>> Sole
proprietorship- A single owner
Partnership- has two or more parties as co-owners each
is an owner
Corporation- Owned by stockholders, or shareholders,
who own stock representing share of ownership in the
corporation.
Definition of Revenues - Answer>> Increase in retained
earnings from delivering goods or services to
customers or clients.
Definition of Expenses - Answer>> Decrease in retained
earnings that results from operations; the cost of doing
business
Internal Users - Answer>> Users of accounting
information are those individuals directly involved in
managing and operating the organization
External Users - Answer>> Users of accounting
information are NOT directly involved in running the
organization
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Know the 3 activities that business engage in and give
examples of each activity. - Answer>> Financing: creates
revenues, stocks
Investing: increase/decrease long-term activities, plants
equipment
Operating: loans, pay dividends, repurchase its own
stock, selling
The International Accounting Standards Board is
responsible for developing a single set of worldwide
accountings standards (IFRS) - Answer>> ...
These standards will help companies to reduce
accounting costs, make it easier to acquire foreign
companies, and facilitate comparisons between foreign
companies. - Answer>> IFRS- International Accounting
Standards Board
Know the primary objective of financial reporting -
Answer>> Provide financial information about the
reporting entity that is useful to existing and potential
investors, lenders, and other creditors in making
decision.
What makes information relevant? - Answer>>
Comparability, verifiability, timeliness, and
understandability.
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