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ACC 200 Exam 1 BYU Independent Study questions and answers 2025 already graded A+
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ACC 200 Exam 1 BYU Independent Study questions and answers 2025 already graded A+
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ACC 200 Exam 1BYU
Independent
Study questions
and answers
2025 already
graded A+
What is Accounting? - answer The process of identifying,
measuring, and communicating economic information to permit
informed judgements and decisions by the users of the information.
Also known as the language of business.
What is a Business? - answer An organization which seeks to
provide goods or services to customers.
Three Basic Kinds of Business: - answer Manufacturing: Buy
material, convert material to product, sell product
, Merchandising:purchase goods ready to sell, sell to customers
Service: Perform services for a fee
Keys to a successful business: - answer Idea, Capital, Management
Skill
Debt Financing - answer Borrowed resources from creditors or
lenders. (usually w/interest)
Equity Financing - answer Contributions from investors/owners
(permanent financing)
Financial Accounting - answer Seeks to provide info to current or
future providers of capital (investors/creditors) and other interested
parties outside of management (government regulatory bodies). For
external use.
Managerial Accounting: - answer accounting used to provide
information to assist managers in the effective operation of a
business. For internal use, not available for public use.
What is GAAP? - answer Generally Accepted Accounting Principles,
they are the rules and standards by which accounting information is
prepared and presented to external users to create comparable
information.
What is GAAP's significance? - answer It is important because it
helps create comparable information among companies seeking
capital and allows investors and creditors to make informed
decisions.
Role of SEC? - answer Securities and Exchange Commission is a
federal agency charged with the responsibility of regulating the
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