ACC/FIN/110.
Accounting
CPA 2026/2027 BUSINESS
, ACC 101 Ch. 1 Exam questions
with correct answers
2026/2027 Edition Graded A+
Accounting - ✅✅Identification, recording, and communication
Internal Users - ✅✅Finance, marketing, human resources,
management
External Users - ✅✅Investors and creditors
Sarbanes-Oxley Act (SOX) - ✅✅Congress passed because of fraud, if
your name is on it, you're responsible.
Generally Accepted Accounting Principles (GAAP) - ✅✅Common set
of rules and standards
Financial Statements - ✅✅1. Balance Sheet
2. Income Statement
3. Owner's Equity Statement