Accounting 101 Exam 1 Questions With
100% Correct Answers Guaranteed Pass.
D. All of the above - AnswerEthics deals with the moral quality, fitness, or propriety of a
course of action that may injure or benefit people. I can make an ethical decision while taking the
exam by:
a. Relying upon my...
D. All of the above - Answer✔Ethics deals with the moral quality, fitness, or propriety of a
course of action that may injure or benefit people. I can make an ethical decision while taking the
exam by:
a. Relying upon my own efforts in completing this exam
b. Using only approved resources (i.e. calculator vs cell phones) while taking this exam c.
Refraining from looking at my neighbor's exam for answers
d. All of the above
A. Managerial accounting uses both financial and non-financial measures of performance. -
Answer✔Which of the following statements correctly distinguishes between financial and
managerial accounting?
a. Managerial accounting uses both financial and non-financial measures of performance
b. Financial accounting is oriented toward the future
c. Financial accounting is primarily concerned with providing information for internal users
d. Financial accounting is oriented toward the planning and control aspects of management. e.
Managerial accounting focuses on the whole organization
C. Product costs may appear on the balance sheet as assets. - Answer✔Product costs differ from
period expenses because
a. period expenses are not considered part of operating expenses for a manufacturing
company
b. period expenses reduce reported income whereas product costs do not
c. product costs may appear on the balance sheet as assets
d. product costs are expenses for manufacturing companies and period expenses are expenses
for service organizations.
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