ACC Business Review Final Exam
Know the key distinction between data and information - ✔️✔️Data are raw,
unanalyzed facts and figures while information is data that has been processed and
summarized so that it can be used by decision makers.
What was business technology known as in the 1970's? - ✔️✔️DATA PROCESSING
(DP)
What is the definition of money? - ✔️✔️Anything people generally accept as payment
for goods and services.
What is a secured loan? - ✔️✔️An _______________ is a loan that doesn't require any
collateral.
a. These are more difficult to get.
b. Only highly regarded customers are approved.
What are the two sources of long-term financing? - ✔️✔️DEBT FINANCING or
EQUITY FINANCING.
What is an important difference between accounting and other business functions? -
✔️✔️the recording, classifying summarizing and interpreting of financial events and
transactions to provide management and other interested parties the information they
need to make good decisions.
Know the definition of a commercial bank. - ✔️✔️1. Banks are highly sensitive to risk
and hesitate to make small business loans.
2. A promising venture may be able to get a bank loan.
3. The person in charge of finance should keep in close touch with the bank and visit
the banker periodically
What is double-entry bookkeeping? - ✔️✔️________________________ is the
concept of writing every business transaction in two places.
a. In _____________, two entries in the journal are required for each company
transaction.
b. _____________ can check one list against the other to make sure they add up to the
same amount.
Review the three types of cloud computing - ✔️✔️(1) private, (2) public, and (3) hybrid
clouds. _________________ is a form of virtualization in which a company's data and
Know the key distinction between data and information - ✔️✔️Data are raw,
unanalyzed facts and figures while information is data that has been processed and
summarized so that it can be used by decision makers.
What was business technology known as in the 1970's? - ✔️✔️DATA PROCESSING
(DP)
What is the definition of money? - ✔️✔️Anything people generally accept as payment
for goods and services.
What is a secured loan? - ✔️✔️An _______________ is a loan that doesn't require any
collateral.
a. These are more difficult to get.
b. Only highly regarded customers are approved.
What are the two sources of long-term financing? - ✔️✔️DEBT FINANCING or
EQUITY FINANCING.
What is an important difference between accounting and other business functions? -
✔️✔️the recording, classifying summarizing and interpreting of financial events and
transactions to provide management and other interested parties the information they
need to make good decisions.
Know the definition of a commercial bank. - ✔️✔️1. Banks are highly sensitive to risk
and hesitate to make small business loans.
2. A promising venture may be able to get a bank loan.
3. The person in charge of finance should keep in close touch with the bank and visit
the banker periodically
What is double-entry bookkeeping? - ✔️✔️________________________ is the
concept of writing every business transaction in two places.
a. In _____________, two entries in the journal are required for each company
transaction.
b. _____________ can check one list against the other to make sure they add up to the
same amount.
Review the three types of cloud computing - ✔️✔️(1) private, (2) public, and (3) hybrid
clouds. _________________ is a form of virtualization in which a company's data and
