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ACCT 101 FINAL EXAM Questions and Answers
Latest Updated 2024/2025 | Graded.
书山有路勤为书山有路勤为径，学海无涯苦作舟书
•
山书山有路勤为径，学海无涯苦作舟有路勤为径，
学海无涯苦作舟径，学海无涯苦作舟
Which of the following would not be considered an external user of accounting
data for the Julian Company?
Internal Revenue Service Agent,
Management
Creditors
Customers - (answer)Management
The partnership form of business organization
enjoys an unlimited life.
is a common form of organization for service-type businesses.
is a separate legal entity.
, 2
has limited liability. - (answer)is a common form of organization for service-
type businesses.
书山有路勤为书山有路勤为径，学海无涯苦作舟书
山书山有路勤为径，学海无涯苦作舟有路勤为径，
Which of the following groups uses accounting information to determine
whether the company can pay its obligations?
学海无涯苦作舟径，学海无涯苦作舟
Investors in common stock
Marketing managers
Chief Financial Officer
Creditors - (answer)Creditors
The management discussion and analysis (MD&A) section of the annual report
covers all of the following aspects except:
The certification criteria of the company's auditors.
The ability of the company to pay near-term obligations.
The results of the company operations.
, 3
The company's ability to fund operations and expansion. - (answer)The
certification criteria of the company's auditors.
书山有路勤为书山有路勤为径，学海无涯苦作舟书
山书山有路勤为径，学海无涯苦作舟有路勤为径，
Liabilities: 学海无涯苦作舟径，学海无涯苦作舟
possess service potential.
are things of value owned by a business.
are future economic benefits.
are debts and obligations. - (answer)are debts and obligations.
If total liabilities increased by $45,000 and stockholders' equity increased by
$15,000 during a period of time, then total assets must change by what
amount and direction during that same period?
$75,000 increase
$60,000 increase
ACCT 101 FINAL EXAM Questions and Answers
Latest Updated 2024/2025 | Graded.
书山有路勤为书山有路勤为径，学海无涯苦作舟书
•
山书山有路勤为径，学海无涯苦作舟有路勤为径，
学海无涯苦作舟径，学海无涯苦作舟
Which of the following would not be considered an external user of accounting
data for the Julian Company?
Internal Revenue Service Agent,
Management
Creditors
Customers - (answer)Management
The partnership form of business organization
enjoys an unlimited life.
is a common form of organization for service-type businesses.
is a separate legal entity.
, 2
has limited liability. - (answer)is a common form of organization for service-
type businesses.
书山有路勤为书山有路勤为径，学海无涯苦作舟书
山书山有路勤为径，学海无涯苦作舟有路勤为径，
Which of the following groups uses accounting information to determine
whether the company can pay its obligations?
学海无涯苦作舟径，学海无涯苦作舟
Investors in common stock
Marketing managers
Chief Financial Officer
Creditors - (answer)Creditors
The management discussion and analysis (MD&A) section of the annual report
covers all of the following aspects except:
The certification criteria of the company's auditors.
The ability of the company to pay near-term obligations.
The results of the company operations.
, 3
The company's ability to fund operations and expansion. - (answer)The
certification criteria of the company's auditors.
书山有路勤为书山有路勤为径，学海无涯苦作舟书
山书山有路勤为径，学海无涯苦作舟有路勤为径，
Liabilities: 学海无涯苦作舟径，学海无涯苦作舟
possess service potential.
are things of value owned by a business.
are future economic benefits.
are debts and obligations. - (answer)are debts and obligations.
If total liabilities increased by $45,000 and stockholders' equity increased by
$15,000 during a period of time, then total assets must change by what
amount and direction during that same period?
$75,000 increase
$60,000 increase
