ACCOUNTING 301 CHAPTER 1 CONCEPT OVERVIEW
UPDATED ACTUAL QUESTIONS AND CORRECT
ANSWERS
Question:
1. Why is accounting important?
Answer:
1. Accounting information impacts all of us.
2. Accounting information impacts businesses only.
3. Accounting is important only to those who are majoring in accounting.
Question:
2. Identify the type of activity by choosing the best answer
for each question.Select each item listed below as being
an identifying, recording, or a communicating activity.
Answer:
1. Preparing and entering a listing of checks issued is categorized as a Recording
activity.
2. Using a cash register to enter sales is categorized as a Recording activity.
3. Entering a list of the sales invoices for the company's recordkeeper is an
Identifying activity.
4. Interpreting information from financial reports is a Communicating activity.
5. Preparing financial statements is a Communicating activity.
Question:
3. an information and measurement system that identifies,
records, and communicates relevant, reliable, and
comparable information about an organization's business
activities.
Answer:
Accounting
Question:
4. Customers are classified as:
Answer:
external information users.
, Question:
5. the recording of transactions and events, either manually
or electronically
Answer:
Recordkeeping
Question:
6. A purchasing manager is
Answer:
an Internal Information User.
Question:
7. A marketing manager is
Answer:
an Internal Information User.
Question:
8. The Board of Directors are
Answer:
External Information Users.
Question:
9. Labor unions are
Answer:
external information users.
Question:
10. includes opportunities in general accounting, cost
accounting and internal auditing.
Answer:
Managerial accounting
Question:
11. The majority of accounting opportunities are in _____
accounting.
Answer:
private
UPDATED ACTUAL QUESTIONS AND CORRECT
ANSWERS
Question:
1. Why is accounting important?
Answer:
1. Accounting information impacts all of us.
2. Accounting information impacts businesses only.
3. Accounting is important only to those who are majoring in accounting.
Question:
2. Identify the type of activity by choosing the best answer
for each question.Select each item listed below as being
an identifying, recording, or a communicating activity.
Answer:
1. Preparing and entering a listing of checks issued is categorized as a Recording
activity.
2. Using a cash register to enter sales is categorized as a Recording activity.
3. Entering a list of the sales invoices for the company's recordkeeper is an
Identifying activity.
4. Interpreting information from financial reports is a Communicating activity.
5. Preparing financial statements is a Communicating activity.
Question:
3. an information and measurement system that identifies,
records, and communicates relevant, reliable, and
comparable information about an organization's business
activities.
Answer:
Accounting
Question:
4. Customers are classified as:
Answer:
external information users.
, Question:
5. the recording of transactions and events, either manually
or electronically
Answer:
Recordkeeping
Question:
6. A purchasing manager is
Answer:
an Internal Information User.
Question:
7. A marketing manager is
Answer:
an Internal Information User.
Question:
8. The Board of Directors are
Answer:
External Information Users.
Question:
9. Labor unions are
Answer:
external information users.
Question:
10. includes opportunities in general accounting, cost
accounting and internal auditing.
Answer:
Managerial accounting
Question:
11. The majority of accounting opportunities are in _____
accounting.
Answer:
private