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AC/113 AC113 AC 113 WEEK 1 QUIZ

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AC 113 WEEK 1 QUIZ 1. Question : Accounting: Student Answer: Can be divided into two major areas – financial accounting and managerial accounting Is the means by which business information is communicated to the stakeholders Is sometimes called the language of business All answers are correct Question 2. Question : The resources a business owns are called __________. Student Answer: assets liabilities products stockholder’s equity Question 3. Question : Investing activities of the business include: Student Answer: Activities to obtain the necessary resources (assets) to start the business Activities that increase assets from selling products Activities to obtain funds to begin and operate a business None of these choices describe investing activities Question 4. Question : Generally accepted accounting principles (GAAP): Student Answer: Determine the proper content of financial statements Are accounting “rules” Are established by the Financial Accounting Standards Board in the United States All answers are correct Question 5. Question : Which of the following is NOT a satisfactory statement of the accounting equation? Student Answer: Assets = Liabilities + Owners’ Equity Assets – Owners’ Equity = Liabilities Assets = Liabilities – Owners’ Equity Owners’ Equity = Assets – Liabilities

AC/113 AC113 AC 113 WEEK 1 QUIZ

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