ACCY 201 TEST 1 BURNEY CERTIFICATION EVALUATION QUESTIONS ANSWERS COMPLETE SOLUTION VERIFIED PASS

ACCY 201 TEST 1 BURNEY CERTIFICATION
EVALUATION QUESTIONS ANSWERS
COMPLETE SOLUTION VERIFIED PASS

●● Service Businesses (Do), Merchandising Businesses (buy and sell),
Manufacturing Businesses (make and sell)
Answer: What are the 3 types of Businesses?


●● 1. Identify useers
2. Assess their needs
3. Design the accounting info system to meet their needs
4. Record data
5. Prepare reports
Answer: Describe the Accounting Process


●● managerial accounting/ management accounting
Answer: area of accounting that provides internal users with information


●● profitability (ability to make profit), and liquidity (ability to pay bills
when they come)
Answer: What is the objective of most businesses?

, ●● the difference between the amounts received from customers for
goods or services and the amounts paid for the inputs used to provide the
goods or services.
Answer: What is profit?


●● an organization where basic resources (inputs), such as materials and
labor, are assembled and processed to provide goods or services
(outputs) to customers.
Answer: Define a business.


●● bankers, investors, gov't, SEC, etc
Answer: Who are the external users in accounting?


●● auditors, CFO, VPs, customers, employees
Answer: Who are the internal users in accounting?


●● moral principles that guide the conduct of individuals
Answer: ethics


●● Fraud triangle-- ethics triangle
Answer:


●● Sarbanes-Oxley Act (SOX)