Accounting 301 Chapter 1 Concept Overview Updated Actual Questions And Correct Answers

ACCOUNTING 301 CHAPTER 1 CONCEPT OVERVIEW
UPDATED ACTUAL QUESTIONS AND CORRECT
ANSWERS

Question:
1. Why is accounting important?

Answer:
1. Accounting information impacts all of us.
2. Accounting information impacts businesses only.
3. Accounting is important only to those who are majoring in accounting.

Question:
2. Identify the type of activity by choosing the best answer
for each question.Select each item listed below as being
an identifying, recording, or a communicating activity.

Answer:
1. Preparing and entering a listing of checks issued is categorized as a Recording
activity.
2. Using a cash register to enter sales is categorized as a Recording activity.
3. Entering a list of the sales invoices for the company's recordkeeper is an
Identifying activity.
4. Interpreting information from financial reports is a Communicating activity.
5. Preparing financial statements is a Communicating activity.

Question:
3. an information and measurement system that identifies,
records, and communicates relevant, reliable, and
comparable information about an organization's business
activities.

Answer:
Accounting

Question:
4. Customers are classified as:

Answer:
external information users.

, Question:
5. the recording of transactions and events, either manually
or electronically

Answer:
Recordkeeping

Question:
6. A purchasing manager is

Answer:
an Internal Information User.

Question:
7. A marketing manager is

Answer:
an Internal Information User.

Question:
8. The Board of Directors are

Answer:
External Information Users.

Question:
9. Labor unions are

Answer:
external information users.

Question:
10. includes opportunities in general accounting, cost
accounting and internal auditing.

Answer:
Managerial accounting

Question:
11. The majority of accounting opportunities are in _____
accounting.

Answer:
private