ACG 2025 FSU PATERSON FINAL EXAM
QUESTIONS AND ANSWERS 100%
ACCURATE
, Which of the following is true with regards to the forms of business organization? -
ANSWERStockholders are generally not personally liable for their corporations' debts.
Which of the following are considered to be an internal user of accounting data for a
company? - ANSWER- A salesperson of a company
- The president of a company
- The finance director of a company
NOT
- Owners of the company
Which of the following is the most appropriate definition of accounting information? -
ANSWERThe information system that identifies, records, and communicates the
economic events of an organization to interested users
Which of the following statements is true regarding the Sarbanes-Oxley Act (SOX)? -
ANSWERSOX required increased independence of the certified public accountants
hired to audit a company's financial statements.
Which of the following are considered a liability? - ANSWER- Interest Payable
- Notes Payable
- Accounts Payable
NOT
- Cost of Goods Sold
Which of the following is an asset? - ANSWERAccounts receivable
NOT
- Supplies expense
- Retained earnings
- Revenue
- Dividends
Paying cash to buy stocks or bonds of another company is an example of - ANSWERan
investing activity.
Resources owned by a business are referred to as - ANSWERassets
What type of account or account classification is Retained Earnings? - ANSWERLiability
Which of the following is a primary purpose of the balance sheet? - ANSWERTo report
the company's assets and claims to assets at a specific point in time
QUESTIONS AND ANSWERS 100%
ACCURATE
, Which of the following is true with regards to the forms of business organization? -
ANSWERStockholders are generally not personally liable for their corporations' debts.
Which of the following are considered to be an internal user of accounting data for a
company? - ANSWER- A salesperson of a company
- The president of a company
- The finance director of a company
NOT
- Owners of the company
Which of the following is the most appropriate definition of accounting information? -
ANSWERThe information system that identifies, records, and communicates the
economic events of an organization to interested users
Which of the following statements is true regarding the Sarbanes-Oxley Act (SOX)? -
ANSWERSOX required increased independence of the certified public accountants
hired to audit a company's financial statements.
Which of the following are considered a liability? - ANSWER- Interest Payable
- Notes Payable
- Accounts Payable
NOT
- Cost of Goods Sold
Which of the following is an asset? - ANSWERAccounts receivable
NOT
- Supplies expense
- Retained earnings
- Revenue
- Dividends
Paying cash to buy stocks or bonds of another company is an example of - ANSWERan
investing activity.
Resources owned by a business are referred to as - ANSWERassets
What type of account or account classification is Retained Earnings? - ANSWERLiability
Which of the following is a primary purpose of the balance sheet? - ANSWERTo report
the company's assets and claims to assets at a specific point in time
