Accounting 101 final exam Study guides, Class notes & Summaries
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Accounting 101 Final Exam Ivy Tech 2024 Questions With Complete Solutions
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Accounting 101 Final Exam Ivy Tech 2024 Questions With Complete Solutions
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Accounting 101 Final Exam With 100% Correct Answers 2023
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What is accounting? - Correct answer-the action or process of keeping financial 
accounts 
revenues - Correct answer-inflows of assets resulting from the sale of goods and 
services 
expenses - Correct answer-outflow of assets resulting from the sale of goods and 
services 
internal user - Correct answer-managerial accounting 
external user - Correct answer-financial accounting 
who is responsible for GAAP - Correct answer-FASB 
accounting equation - Correct answer-assets = liabilities + owners ...
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Accounting 101 Final Exam Study Guide Questions With Complete Solutions
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Accounting 101 Final Exam Study Guide Questions With Complete Solutions
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Accounting 101 Final Exam Study Guide 2022-23 Questions with Correct Answers |100% Verified
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Accounting 101 Final Exam Study Guide 2022-23 
Questions with Correct Answers |100% Verified
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Ivy Tech Accounting 101 Final Exam Study Guide Questions With Complete Solutions
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Ivy Tech Accounting 101 Final Exam Study Guide Questions With Complete Solutions
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Accounting 101 Final Exam Ivy Tech Questions with Complete Solutions
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Revenues Correct Answer-assets received from selling good and services 
 
Expenses Correct Answer-the cost associated with doing business 
 
Financial Accounting Standards Board (FASB) Correct Answer-The organization primarily responsible for evaluating, setting, or modifying GAAP. 
 
Accounting Equation Correct Answer-Assets = Liabilities + Equity 
 
Primary objective of financial reporting Correct Answer-Provide information for decision making 
 
Income Statement Correct Answer-A financial sta...
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Ivy Tech Accounting 101 Final Exam Study Guide Questions with Complete Solutions
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What is the primary responsibility of FASB? Correct Answer-Developing GAAP 
 
What is the accounting equation? Correct Answer-Assets=Liability+Equity 
 
What is the definition of revenue? Correct Answer-Money earned from providing a product or service 
 
Is CoGS an expense? Correct Answer-Yes 
 
What is the primary objective of financial reporting? Correct Answer-To provide info for decision making 
 
What accounts are on the balance sheet? Correct Answer-Assets, liabilities, equity 
 
What acco...
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Accounting 101 Final Exam Ivy Tech Questions with Complete Solutions.
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Accounting 101 Final Exam Ivy Tech Questions with Complete Solutions.
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2024 Ivy Tech Accounting 101 Final Exam Study Guide Questions and Answers 100% Solved correctly
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What is the primary responsibility of FASB? - Answer-Developing GAAP 
What is the accounting equation? - Answer-Assets=Liability+Equity 
What is the definition of revenue? - Answer-Money earned from providing a product or service 
Is CoGS an expense? - Answer-Yes 
What is the primary objective of financial reporting? - Answer-To provide info for decision making 
What accounts are on the balance sheet? - Answer-Assets, liabilities, equity 
What accounts are on the income statement? - Answer-Reven...
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Ivy Tech Accounting 101 Final Exam Study Guide Questions With Verified Solutions
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Ivy Tech Accounting 101 Final Exam Study 
Guide Questions With Verified Solutions 
What is the primary responsibility of FASB? - answerDeveloping GAAP 
What is the accounting equation? - answerAssets=Liability+Equity 
What is the definition of revenue? - answerMoney earned from providing a product or 
service 
Is CoGS an expense? - answerYes 
What is the primary objective of financial reporting? - answerTo provide info for decision 
making 
What accounts are on the balance sheet? - answerAssets,...
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