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Accounting 101 Final Questions & Answers Updated 2026

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Accounting 101 Final Questions & Answers Updated 2026

Institution

Accounting 101

Course

Accounting 101

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Accounting 101 Final
Questions & Answers
Updated 2026
WhatBareBassetsBrecordedBat?B-
BAnswerBTheBhistorical/originalBcostBbecauseBitBisBobjectiveBand
Bverifiable.

LeftBsideB-BAnswerBDebit

RightBsideB-BAnswerBCredit

TheB3BformsBofBbusinessBentitiesB-
BAnswerBProprietorship,BPartnership,BCorperation

WhatBisBtheBdefinitionBofBaBrevenue?B-
BAnswerBinflowsBofBresourcesBthatBincreaseBretainedBearningsBb
yBdeliveringBgoodsBorBserviceBtoBcustomers

WhatBisBtheBdefinitionBofBanBexpense?B-
BAnswerBresourceBoutflowsBthatBdecreaseBretainedBearningsBdu
eBtoBoperations

WhatBisBtheBdifferenceBbetweenBinternalBandBexternalBusers?B-
BAnswerBFinancialBaccountingBisBforBthoseBexternallyB-

, BthatBwayBinvestors,Bcreditors,BgovernmentBagencies,BandBtheBp
ublicBcanBmakeBdecisions.
ManagementBaccountingBisBforBthoseBinternallyB-
BinformationBforBmanagersBtoBbaseBtheirBdecisionsBupon.

WhatBdoesBFASBBstandBfor?B-BAnswerBFinancial
Accounting
Standards
Board

WhatBisBFASBBresponsibleBfor?B-
BAnswerBGAAPB(GenerallyBAcceptedBAccountingBPrinciples)

WhatBisBtheBaccountingBequation?B-
BAnswerBAssetsB=BLiabilitiesB+BOwnersBEquity

WhatBareBtheB3BactivitiesBaBbusinessBengagesBin?B-
BAnswerBOperatingB-B
InvestingB-B
FinancingB-

WhatBdoesBIFSBBstandBfor?B-
BAnswerBInternationalBAccountingBStandardsBBoard

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Number of pages: 15
Written in: 2025/2026
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Accounting 101 Final Questions & Answers Updated 2026

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