ACC 1O1/102/202
ACC/FIN/110.
Accounting
CPA 2026/2027 BUSINESS
, Accounting 101 Final Exam
Study Guide Exam questions
with correct answers
2026/2027 Edition Graded A+
What is accounting? - ✅✅the action or process of keeping financial
accounts
revenues - ✅✅inflows of assets resulting from the sale of goods
and services
expenses - ✅✅outflow of assets resulting from the sale of goods
and services
internal user - ✅✅managerial accounting
external user - ✅✅financial accounting
who is responsible for GAAP - ✅✅FASB
, accounting equation - ✅✅assets = liabilities + owners equity
international accounting standards board (IFRS) is responsible for -
✅✅developing a single set of worldwide accounting standards
These standards will help companies to reduce accounting costs,
make it easier to acquire foreign companies, and facilitate
comparisons between foreign companies - ✅✅(IFRS) international
accounting standards board
primary objective of financial reporting - ✅✅provide economic
information to permit users of the information to make informed
decisions
what makes information relevant - ✅✅it must be able to make a
difference in a decision
assets are recorded at historical/original cost because - ✅✅it is
objective and verifiable
financial information should be understandable to whom -
✅✅those willing to spend the necessary time to understand it
balance sheet - ✅✅lists assets, liabilities, and owner's equity
ACC/FIN/110.
Accounting
CPA 2026/2027 BUSINESS
, Accounting 101 Final Exam
Study Guide Exam questions
with correct answers
2026/2027 Edition Graded A+
What is accounting? - ✅✅the action or process of keeping financial
accounts
revenues - ✅✅inflows of assets resulting from the sale of goods
and services
expenses - ✅✅outflow of assets resulting from the sale of goods
and services
internal user - ✅✅managerial accounting
external user - ✅✅financial accounting
who is responsible for GAAP - ✅✅FASB
, accounting equation - ✅✅assets = liabilities + owners equity
international accounting standards board (IFRS) is responsible for -
✅✅developing a single set of worldwide accounting standards
These standards will help companies to reduce accounting costs,
make it easier to acquire foreign companies, and facilitate
comparisons between foreign companies - ✅✅(IFRS) international
accounting standards board
primary objective of financial reporting - ✅✅provide economic
information to permit users of the information to make informed
decisions
what makes information relevant - ✅✅it must be able to make a
difference in a decision
assets are recorded at historical/original cost because - ✅✅it is
objective and verifiable
financial information should be understandable to whom -
✅✅those willing to spend the necessary time to understand it
balance sheet - ✅✅lists assets, liabilities, and owner's equity
