Accounting 101 Final Review Exam Questions 100% Well Answered.
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Course
Accounting 101
Institution
Accounting 101
Accounting - Answer is an information system that provides reports to users about the economic activities and conditions of a business., the occupation of maintaining and auditing records and preparing financial reports for a business
Accounting - Answer Is the language of business.
3 T...
Accounting 101 Final Review Exam
Questions 100% Well Answered.
Accounting - Answer is an information system that provides reports to users about the economic
activities and conditions of a business., the occupation of maintaining and auditing records and
preparing financial reports for a business
Accounting - Answer Is the language of business.
3 Types of Businesses - Answer 1) Service - provide services, rather than products to customers 2)
Merchandising-sell products they purchased from other businesses to customers 3) Manufacturing -
change basic inputs into products that are sold to customers.
GAAP - Answer Generally Accepted Accounting Principles
Cost Concept - Answer determines the amount intially entered into the accounting records for
purchases.
Objectivity Concept - Answer requires that entries in the accounting records and the data reported on
financial statements be based on objective evidence.
Business Entity Concept - Answer Financial information is recorded and reported separately from the
owner's personal financial information.
Unit of Measure Concepts - Answer Economic data be recorded in dollars.
Matching Concept - Answer Expenses should be recorded in the same time period as any revenue
associated with those expenses.
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