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BUSI 102 FINAL EXAM PRACTICE TEST.
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BUSI 102 FINAL EXAM PRACTICE TEST. What is the difference between financial and managerial accounting? - CORRECT ANSWER Financial accounting is the communication of financial information about an organization so that parties (usually outside parties) can make wise decisions about the organi...

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  • December 4, 2024
  • 13
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

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  • busi 102 final exam practice test

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BUSI 102 FINAL EXAM PRACTICE TEST.
What is the difference between financial and managerial accounting? - CORRECT ANSWER Financial
accounting is the

communication of financial information

about an organization so that parties

(usually outside parties) can make wise

decisions about the organization.



Managerial has to do with inside parties.



What are the two most likely

decisions that outsider parties make

about an organization after studying

financial accounting information? - CORRECT ANSWER what type of ownership -- partial, complete, buy
shares? sell shares?



should a organization give a loan/sell on credit?



What are the three types of legal

recognition that are the most common for

business organizations in the United

States? - CORRECT ANSWER Corporation (S or C) -- has official recognition from state as separate entity



Partnership -- does not have legal recognition



Sole proprietorship -- does not have legal recognition



What type of company can issue shares/capital stock? - CORRECT ANSWER only corporations (issue
capital stock)

, What are the different types of capital stock? - CORRECT ANSWER common stock - holders are entitled
to rites stipulated by state government, gives shareholders voting rights, receive traditional dividends



preferred stock - holders are entitled to rites stipulated on the contract, shareholders do not have voting
rights, receive a different type of dividends



What kinds of companies most often pay dividends? - CORRECT ANSWER Younger businesses that want
to grow often

distribute few (if any) dividends. Older

businesses that are well established tend

to pay larger dividends as profits and

cash balances rise.



Who elects the board of directors? - CORRECT ANSWER stockholders



What are material misstatements? - CORRECT ANSWER financial accounting errors that do make a
difference in a decision that is made



what are the two types of misstatements? - CORRECT ANSWER errors and fraud



Who produces GAAP? IFRS? - CORRECT ANSWER Financial Accounting Standards Board, International
Accounting Standards Board



When was FASB created? - CORRECT ANSWER 1973



What is GAAP? - CORRECT ANSWER generally accepted accounting principles (rules)



What are assets? - CORRECT ANSWER anything you own with future economic benefit (land, patents,
inventory, furnitures/fixures, money receivable, pre-paid stuff, etc.)

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