ACC 101 Questions with answers graed 100

ACC 101 Questions with answers
graed 100%
Steps in the accounting information system - ANS✅✅1. Analyze the transactions

2. Record in the journal

3. Post in the ledger

4. Create unadjusted trial balance

5. Journalize and post adjusted entries

6. Create adjusted trial balance

7. Prepare financial statement

8. Journalize and post closing entries

9. Prepare a post-closing trial balance



Internal Users - ANS✅✅Marketing managers, production supervisors, finance directors, and
company officers



External Users - ANS✅✅Investors, Creditors, Taxing authorities, Customers, Labor unions, and
regulatory agencies



Financing Activities - ANS✅✅Borrowing money, long-term liabilities, stockholder's equity, issuing
equity, issuing debt, paying debt, repurchasing stock, paying dividends



Investing Activities - ANS✅✅Purchasing equipment, plants, properties, securities, or other assets
needed in order to operate



Operating Activities - ANS✅✅Manufacturing, distributing, marketing, and selling a product or
service



Asset - ANS✅✅Resources owned by a business



Liability - ANS✅✅Obligation of a company or organization