Acg midterm - Study guides, Class notes & Summaries

ACG 2021 Midterm questions and answers

ACG MIDTERM QUESTIONS AND ANSWERS

ACG 2021 - Midterm Questions & 100% Verified Correct Answers with complete solutions (Latest update 2024 2025

ACG 2021 - Midterm

Accounting is the information system that A. measures business activity. B. communicates the results to decision makers. C. processes information into reports. D. All of the above all of the above Which of the following is not an external user of a business's financial information? A. Taxing authorities B. Customers C. Employee D. Investors employee Generally Accepted Accounting Principles (GAAP) are currently formulated by the A. Financial Accounting Standards Board (FASB). B. Securities and...

Three general uses of accounting Financial reporting and external performance evaluations Managerial decision making Managerial planning, control & internal performance evaluations Corporate Advantages Limited liability Ability to raise capital Ability to separate ownership from management Transferability of ownership Corporate Disadvantages Double taxation (corporate profits and dividends/capital gains Paperwork and formalities What are the three basic business activities Operational ...

What are the two general kinds of accounting? What are the uses of them? Financial: --> outside users to determine financial health and firm profitability Managerial: --> inside users to examine internal processes/products to evaluate managment/current operations What is accounting? The process of recording, summarizing, and analyzing financial transactions. Who uses the different kinds of accounting and for what decisions? Financial: 1. Investors/Analyst 2. Creditors 3. Suppliers 4. Sh...

ACG 2021 Midterm (1)

ACG 2021 Midterm

ACG 2021 - Midterm (1)