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ACC EXAM QUESTIONS WITH 100% CORRECT ANSWERS 2024/2025

ACC Exam 2 Questions with Complete Solutions 2024/2025 what is the matching concept and why is it important? when should revenues/expenses be recognized? - ANSWERS- it's a term used in expense recognition to indicate the relationship between the effort expended and the revenue generated - recognize revenue when earned and recognize expense when incurred (GAAP approved); it's a more accurate method - ex: just did a service for something. got paid later. when does he recognize ...

ACC Exam 2 Questions with 100% Correct Answers 2024/2025 List 4 goals for the successful business use of internal controls. - ANSWERSProtect assets Ensure reliable accounting Promote efficient operations Uphold company policies Identify 7 internal control principles that are implemented by businesses in various ways.Explain what the term "liquidity" means when it is used to describe an asset. - ANSWERSEstablish responsibilities - tasks should be clearly established and assigned ...

Acc Exam 4 Questions & Answers 2024/2025 Advantages of a corporation - ANSWERScan raise more capital than a proprietorship or partnership can, continuous life and ease of transferring ownership, and the limited liability of stockholders Disadvantages of a corporation - ANSWERSseparation of ownership and management, double taxation of distributed profits, and government regulation Stockholders Rights - ANSWERSvote, dividends, liquidation, and preemption Stockholders equity includes ...

ACC exam 1 study questions & answers 2024/2025

ACC Exam Review Questions & Answers 2024/2025 Business Entity Principle - ANSWERSPrinciple prescribing that every business to be accounted for separately and distinctly from its owner or owners Going Concern Principle - ANSWERSPrinciple prescribing that financial statements reflect the assumption that the business will continue operating instead of being closed or sold, unless evidence shows that it will not continue Revenue Recognition Principle - ANSWERSRequires revenue to be recogn...

ACC Final Exam Questions & Answers 2024/2025 What is the accounting equation? - ANSWERSAssets = Liabilities + Owner's Equity Revenues will increase ___ and will increase ___ - ANSWERS-assets -owners (stock holders) equity Expenses paid with cash will decrease ___ and will decrease ___. - ANSWERS-assets -owner's (stockholders') equity. Expenses incurred by use of credit will increase ___ and will decrease ___. - ANSWERS-liabilities -owner's (stockholders') equity ...

ACC EXAM 1 QUESTIONS & ANSWERS 2024/2025 2 organizations that are simple to establish - ANSWERSsole proprietorship & partnership organization that is easy to transfer ownership - ANSWERScorporations organizations that has no personal liablility - ANSWERScorporations 2 internal users of financial statements - ANSWERSdirectors and marketing managers 3 external users of the financial statements - ANSWERScreditors investors labor unions customers irs epa sec 2 ways a corporation ...

Acc Exam 2 Study Guide With complete solution 2024/25

How many identified pressure points are there Ans 370 How many pressure points does law enforcement use Ans 13 Force Continuum Ans Designates appropriate conduct when using force to establish control of resistive subject Scientific research has shown stress causes changes to the _________________ which can change an officers ability to perform in a combative situation Ans Autonomic Nervous System The Autonomic Nervous System's 2 branches Ans sympathetic nervous system and parasympa...