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ACC 201 UPDATED ACTUAL Exam Questions and CORRECT Answers Liabilities of a company are owed to - CORRECT ANSWER -creditors Which of the following is not a reason one set of international accounting standards are needed? - CORRECT ANSWER -All of these answer choices are reasons one set of international accounting standards are needed. If expenses are paid in cash, then - CORRECT ANSWER -assets will decrease If an owner makes a withdrawal of cash from a proprietorship, then -...

ACC 201 UPDATED Exam Questions and CORRECT Answers E. All of these. - CORRECT ANSWER policies and procedures managers use to: A. Protect assets. B. Ensure reliable accounting. C. Promote efficient operations. D. Urge adherence to company policies. E. All of these. E. All of these. - CORRECT ANSWER -80. An internal control system consists of the -81. Managers place a high priority on internal control systems because the systems assist managers in the:

ACC 201 ACTUAL UPDATED Exam Questions and CORRECT Answers Presently, the dominant body in the development of accounting principles is the a. American Institute of Certified Public Accountants (AICPA) b. American Accounting Association (AAA) c. Financial Accounting Standards Board (FASB) d. Institute of Management Accountants (IMA) - CORRECT ANSWER Accounting Standards Board (FASB) -c. Financia

ACC 201 ACTUAL Exam Questions and CORRECT Answers Which of the following is used as evidence to determine a transaction's effects on specific accounts? - CORRECT ANSWER -source documents What effect may result if specific account titles are not used in journalizing? - CORRECT ANSWER -The financial statements may be not be accurate. Updating the accounts in the ledger with the effects of transactions is - CORRECT ANSWER -the primary purpose of the recording proces

ACC 201 UPDATED ACTUAL Exam Questions and CORRECT Answers the basic accounting equation - CORRECT ANSWER model of business valuation operating activities: - CORRECT ANSWER -is referred to as the fundamental -paying advertising expenses, paying salaries to employees, providing services to customers the two sources of stockholders equity are amounts - CORRECT ANSWER shareholders, and earned by the corporatio

ACC 201 - Chapter 9 Learning Notes (exam 3) UPDATED ACTUAL Exam Questions and CORRECT Answers Property, plant, and equipment (also known as plant assets) should be recorded on a company's financial statements at ___ (historical cost or fair market value). Property, plant, and equipment ___(may, may not) be increased to fair value after it's originally recorded on a company's books. - CORRECT ANSWER 2. may not -1. historical cost What is another name for plant, propert...

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