FAC 1502 UNIT 1 BASIC PRINCIPLES OF ACCOUNTING UPDATED ACTUAL EXAM

FAC 1502 UNIT 1 BASIC PRINCIPLES OF ACCOUNTING UPDATED ACTUAL EXAM QUESTIONS
CORRECT ANSWERS GRADED A PLUS




Question:
● Profit

Answer:
Difference between revenue and costs of inputs.



Question:
● Accounting

Answer:
Information system reporting economic activities.



Question:
● Managerial Accounting

Answer:
Timely information for internal decision-making.



Question:
● Financial Accounting

Answer:
Information for external users like investors.



Question:
● General-purpose financial statements

, Answer:
Reports distributed to external users.



Question:
● Ethics

Answer:
Moral principles guiding individual conduct.



Question:
● Accounting Equation

Answer:
Assets = Liabilities + Stockholders' Equity.



Question:
● Liabilities

Answer:
Obligations or debts owed by a business.



Question:
● Stockholders' Equity

Answer:
Owner's claim after liabilities are settled.



Question:
● Ethical Decision-Making

Answer: