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ACG 5026 Exam 1 Questions and Answers 100% Pass
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ACG 5026 Exam 1 Questions and Answers 100% Pass What does the field of accounting encompass? The task of documenting, summarizing, and interpreting financial activities. What are the traits of financial accounting? Reports designed for external stakeholders. Must comply with GAAP. ...

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  • August 7, 2024
  • 43
  • 2024/2025
  • Exam (elaborations)
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  • acg 5026 exam 1 questions and answers 100 pass

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ACG 5026 Exam 1 Questions and
Answers 100% Pass

What does the field of accounting encompass?


✔✔The task of documenting, summarizing, and interpreting financial activities.




What are the traits of financial accounting?


✔✔Reports designed for external stakeholders.


✔✔Must comply with GAAP.


✔✔Focuses on past financial data.


✔✔Provides aggregate information.




What are the attributes of managerial accounting?


✔✔Information tailored for internal management.


✔✔Not restricted by GAAP, allowing creative approaches.


✔✔Oriented towards future planning.


✔✔Delivers detailed data.


✔✔Produced only if the benefits justify the costs.

1

,Who utilizes financial accounting data?


✔✔Investors and market analysts.


✔✔Lenders and creditors.


✔✔Suppliers and buyers.




Who depends on managerial accounting data?


✔✔Executive management.


✔✔Marketing divisions.


✔✔Production and operations teams.




What decisions are influenced by financial accounting?


✔✔Deciding on stock transactions.


✔✔Evaluating creditworthiness.


✔✔Making procurement or sales decisions.




What decisions are influenced by managerial accounting?


2

,✔✔Creating new business strategies.


✔✔Determining the launch of new products.


✔✔Overseeing daily operations.




What key information is required for financial accounting?


✔✔Revenue and expenses.


✔✔Cash inflows and outflows.


✔✔Data on assets and liabilities.




What essential information is needed for managerial accounting?


✔✔Sales and cost metrics for products.


✔✔Performance evaluations of departments.


✔✔Budgetary and quality assurance reports.




Three forms of Business Ownership ✔✔Corporation




Sole Proprietorship


3

, Partnership




What is a corporation? ✔✔A legal entity with A large number of owners or shareholders not

involved in managing day-to-day operations of the company




Corporate Advantages ✔✔Limited liability




Ability to raise capital




Ability to separate ownership from management




Ease of transferability of ownership




Corporate Disadvantages ✔✔Double taxation (corporate profits and dividends/capital gains




Paperwork and formalities




4

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