ACCOUNTING FINAL PAPER 2026 FULL
QUESTIONS AND SOLUTIONS GRADED A+
◉ Why is accounting referred to as the language of business? Answer:
Because it communicates data that help people make better decisions.
◉ Who are the external users of accounting information? Answer:
Shareholders, lenders, external auditors, regulators.
◉ Who are the internal users of accounting information? Answer:
Nonmanagerial employees, purchasing managers, human resource
managers, production managers, research and development managers,
marketing managers.
◉ What is the primary opportunity in accounting? Answer: The majority
of opportunities are in private accounting where employees work for
businesses.
◉ What services are included in public accounting? Answer: Auditing,
taxation, and advisory services.
, ◉ How does Artificial Intelligence relate to accounting? Answer: AI can
complete repetitive tasks such as entering invoices and transaction data,
while accountants help develop AI systems and analyze reports.
◉ What is data analytics? Answer: A process of analyzing data to
identify meaningful relations and trends.
◉ What is the significance of ethics in accounting? Answer: For
information to be useful, it must be trusted; ethics are beliefs that
separate right from wrong.
◉ What is the Fraud Triangle? Answer: Three factors that must exist for
fraud: opportunity, pressure, and rationalization.
◉ What organization sets GAAP? Answer: The Financial Accounting
Standards Board (FASB).
◉ What is the role of the Securities and Exchange Commission (SEC) in
accounting? Answer: The SEC oversees GAAP compliance by
companies that sell stock and debt to the public.
◉ What does the International Accounting Standards Board (IASB) do?
Answer: Issues International Financial Reporting Standards (IFRS) to
provide preferred accounting practices.
QUESTIONS AND SOLUTIONS GRADED A+
◉ Why is accounting referred to as the language of business? Answer:
Because it communicates data that help people make better decisions.
◉ Who are the external users of accounting information? Answer:
Shareholders, lenders, external auditors, regulators.
◉ Who are the internal users of accounting information? Answer:
Nonmanagerial employees, purchasing managers, human resource
managers, production managers, research and development managers,
marketing managers.
◉ What is the primary opportunity in accounting? Answer: The majority
of opportunities are in private accounting where employees work for
businesses.
◉ What services are included in public accounting? Answer: Auditing,
taxation, and advisory services.
, ◉ How does Artificial Intelligence relate to accounting? Answer: AI can
complete repetitive tasks such as entering invoices and transaction data,
while accountants help develop AI systems and analyze reports.
◉ What is data analytics? Answer: A process of analyzing data to
identify meaningful relations and trends.
◉ What is the significance of ethics in accounting? Answer: For
information to be useful, it must be trusted; ethics are beliefs that
separate right from wrong.
◉ What is the Fraud Triangle? Answer: Three factors that must exist for
fraud: opportunity, pressure, and rationalization.
◉ What organization sets GAAP? Answer: The Financial Accounting
Standards Board (FASB).
◉ What is the role of the Securities and Exchange Commission (SEC) in
accounting? Answer: The SEC oversees GAAP compliance by
companies that sell stock and debt to the public.
◉ What does the International Accounting Standards Board (IASB) do?
Answer: Issues International Financial Reporting Standards (IFRS) to
provide preferred accounting practices.
