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ACG 2021 Chapter 1 Questions and Answers 100% Pass
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ACG 2021 Chapter 1 Questions and Answers 100% Pass What is the role of financial accounting in business? It provides summarized financial data that must comply with Generally Accepted Accounting Principles (GAAP) and is used by external stakeholders. How does managerial accounting differ...

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  • August 7, 2024
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  • 2024/2025
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ACG 2021 Chapter 1 Questions and
Answers 100% Pass
What is the role of financial accounting in business?


✔✔It provides summarized financial data that must comply with Generally Accepted

Accounting Principles (GAAP) and is used by external stakeholders.




How does managerial accounting differ from financial accounting?


✔✔Managerial accounting offers detailed information tailored to management's needs and does

not need to adhere to GAAP. It is utilized by internal decision-makers.




What does profitability refer to in a business context?


✔✔The capability to generate sufficient earnings to attract and retain investment capital.




How is liquidity defined for a business?


✔✔The ability to have enough readily available cash to meet financial obligations as they come

due.




What are the characteristics of a sole proprietorship?


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, ✔✔Owned by a single individual, not a separate legal entity, not incorporated, and its existence

is limited by the owner's choice or death.




What defines a partnership in business terms?


✔✔A business owned by two or more individuals, not a separate legal entity, not incorporated,

and its continuity is dependent on the partners' decisions or death.




What is a corporation in the business world?


✔✔An entity established by state charter, recognized as a distinct legal entity from its owners,

with an indefinite lifespan and typically managed by stockholders who do not handle day-to-day

operations.




What do operating activities encompass in financial terms?


✔✔Cash transactions related to the core functions of a business, including revenue from sales,

operational expenses, salaries, and tax payments.




What are investing activities in the context of cash flow?


✔✔Transactions involving the acquisition or disposal of assets that are used to advance the

business’s goals, such as buying or selling property, machinery, or other essential resources.


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