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ACC 101 Key Concepts and Business Structures Exam questions with correct answers 2026/2027 Edition Graded A+ What is accounting? An information system that measures, processes, and communicates financial information about an economic entity. What a

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ACC 101 Key Concepts and Business Structures Exam questions with correct answers 2026/2027 Edition Graded A+ What is accounting? An information system that measures, processes, and communicates financial information about an economic entity. What are the types of business? Services, Trading, Manufacturing, Raw M

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ACC 1O1/102/202
ACC/FIN/110.
Accounting
CPA 2026/2027 BUSINESS

, ACC 101 Key Concepts and
Business Structures Exam
questions with correct answers
2026/2027 Edition Graded A+
What is accounting?
An information system that measures, processes, and communicates
financial information about an economic entity.
What are the types of business?
Services, Trading, Manufacturing, Raw Materials, Infrastructure,
Financial, and Insurance.
What is a sole proprietorship?
A business owned by a single individual called the proprietor.
What is a partnership?
A business owned by two or more persons.
What is a corporation?
A business owned by stockholders.
What is the extent of liability in a sole proprietorship?
The proprietor is personally liable for all debts of the business.
What is the extent of liability in a corporation?

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