ACCOUNTING_101_IVY_TECH_COMPREHENSIVE_FINAL_TEST_2026_QUESTIONS.

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Institution ACCOUNTING 101 IVY TECH

Course ACCOUNTING 101 IVY TECH

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ACCOUNTING_101_IVY_TECH_COMPREHENSIVE_FINAL_TEST_2026_QUESTIONS.

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ACCOUNTING 101 IVY TECH
COMPREHENSIVE FINAL TEST 2026
QUESTIONS AND COMPLETE SOLUTIONS
EXPERT VERIFIED GRADED A+

⩥ What is accounting?
Answer: An information system that collects and reports financial data
to decision-makers

⩥ Who are external users of accounting information?
Answer: Investors and creditors

⩥ Who are internal users of accounting information?
Answer: Managers

⩥ What does financial accounting focus on?
Answer: Financial statements for external users

⩥ What does managerial accounting focus on?
Answer: Internal reports for decision-making

⩥ What are the three business activities?

, Answer: Operating, investing, financing

⩥ What are operating activities?
Answer: Day-to-day revenue and expense activities

⩥ What are investing activities?
Answer: Buying and selling long-term assets

⩥ What are financing activities?
Answer: Borrowing money or issuing stock

⩥ What is the accounting equation?
Answer: Assets = Liabilities + Equity

⩥ What are assets?
Answer: Resources owned by a business

⩥ What are liabilities?
Answer: Debts owed to creditors

⩥ What is equity?
Answer: Owner's claim to assets

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Uploaded on: July 31, 2026
Number of pages: 9
Written in: 2025/2026
Type: Exam (elaborations)
Contains: Questions & answers

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