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ACC 100 MIDTERM EXAM ALL POSSIBLE QUESTIONS AND ANSWERS 2024/2025 SOLVED 100%;University of Toronto $15.99
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ACC 100 MIDTERM EXAM ALL POSSIBLE QUESTIONS AND ANSWERS 2024/2025 SOLVED 100%;University of Toronto
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ACC 100 MIDTERM EXAM ALL POSSIBLE QUESTIONS AND ANSWERS 2024/2025 SOLVED 100%;University of Toronto

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  • October 7, 2024
  • 7
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

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  • acc 100 midterm exam all possible questions and a

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  • ACC 100
  • ACC 100

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ACC 100 MIDTERM EXAM ALL POSSIBLE
QUESTIONS AND ANSWERS 2024/2025 SOLVED
100%;University of Toronto


Business - ANSWERActivity of making, buying, or selling goods or providing services in
exchange for money (for-profit business)

Primary sector - ANSWERDeal with growing / gathering raw materials or resources i.e..
farms, coal mining, oil drilling

Secondary Sector - ANSWERTurns raw materials into products ie. car manufactures,
factories

Tertiary sector - ANSWERprovides goods or services that are sold to consumers ie.
restaurants, hair dressers, music shops

Retailers - ANSWERearn profit by reselling or providing services to consumers to
satisfy wants or needs

Wholesalers - ANSWERBuy large quantities of goods from manufacturers, warehouses
them, and sells them to retailers

Stakeholders - ANSWERIndividuals or groups who affect or affected by business and
have objectives / wants from relationship with business

Internal stakeholders - ANSWERWork for business and their objective is to keep job,
get promoted, do job more efficiently, and get payed. ie. tax manager, owners,
employees

External Stakeholder - ANSWERindividuals or groups outside of business with
objectives of making decisions about money (resource allocation decisions) or how
business affects them ie. shareholders, government, customer, suppliers, creditors, and
society

Internal users - ANSWERUsers of financial info from within the company i.e..
employees: accounting, cash flows, collection

External Users - ANSWERUsers of financial info from outside the company ie. creditors:
use to determine if they should loan money

, Accounting System - ANSWERinformation system that collects, groups, and
communicates a business's financial position. Process changes financial data into
financial info in form of financial statements

Financial Statement - ANSWERProvide financial performance, current financial position
and cash flows

Qualitative characteristics - ANSWERqualities that stakeholders want in financial
statements

Faithful Quality - ANSWERtruthful, complete, free of error, and neutral / unbiased

Relevant Quality - ANSWERApplicable to decisions, help predict future / confirm past
decisions

Comparable Quality - ANSWERCan compare businesses from different years or two
different businesses

Verifiable Quality - ANSWERAnyone looking at information would determine similar
amounts or come up with same information learned

Timely Quality - ANSWERinformation provided quickly and recently

Understandable Quality - ANSWERGroup and present information clearly and concisely

Separate entity assumption - ANSWEROnly activities of business is included in
business' financial information

Unit-of-measure - ANSWERAll transactions must be reported using same monetary unit

Going concern assumption - ANSWERBusiness will continue to operate well into the
future

Historic Cost Assumption - ANSWERAll purchases are recorded at amount that was
payed

Time period / periodicity Assumption - ANSWERinformation is broken into artificial time
periods (monthly, quarterly, or yearly)

Full Disclosure Assumption - ANSWERIf something will affect decisions of stakeholders,
information must be reported

GAAP - ANSWERGenerally accepted Accounting principles followed to make financial
statements

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