Accounting 101-Orientation Assignment Questions And Correct Answers.
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Course
Accounting 101
Institution
Accounting 101
Introduction_to_Accounting - Answer
1. Most students initially believe that if they are good at math, they will be good at accounting. - Answer TRUE
2. Foundational accounting concepts are generally taught in which course(s)?
a. Cost Accounting
b. Financial Accounting
c. Manageri...
Accounting 101-Orientation Assignment
Questions And Correct Answers.
Introduction_to_Accounting - Answer
1. Most students initially believe that if they are good at math, they will be good at accounting. - Answer
TRUE
2. Foundational accounting concepts are generally taught in which course(s)?
a. Cost Accounting
b. Financial Accounting
c. Managerial Accounting - Answer B AND C
3. Which accounting course(s) focus(es) on the preparation of external financial statements by applying
Generally Accepted Accounting Principles (GAAP)?
a. Cost Accounting
b. Financial Accounting
c. Managerial Accounting - Answer B
4. Which of the following are concepts taught in a financial accounting course?
a. Understanding and applying the policies and procedures that a business puts in place to protect the
business
b. Reporting what a business owns and owes
c. Reporting the cash a business receives and spends - Answer A, B, AND C
5. Which of the following are concepts taught in a managerial accounting course?
a. Estimating the revenues and expenses of a business
b. Recording and reporting the cost of the products a business makes
c. Analyzing the relationship of the costs of a product, how much to make of a product, and how much
profit a product will make for a business - Answer A, B, AND C
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