1
ACC 100 EXAM 1 | LATEST UPDATED | ACTUAL EXAM
QUESTIONS WITH SOLUTIONS | 100% RATED
CORRECT | 100% VERFIED SOLTIONS | ALREADY
GRADED A+
Internal users - (ANSWER)Management: plan, organize, run operations
External users - (ANSWER)Investors: evaluate worthiness of investment
External users - (ANSWER)Creditors: evaluate probability of repayment
External users - (ANSWER)Customers: evaluate support of products and
warranties
External users - (ANSWER)Taxing authorities: monitor compliance with tax laws
External users - (ANSWER)Regulatory agencies: monitor compliance with
regulations
External users - (ANSWER)Labor unions: monitor ability to compensate
employees
Improper financial reporting - (ANSWER)Misrepresentation of financial
information
, 2
Lack of useful info - (ANSWER)Insufficient or inaccurate financial information
Investors can't wisely invest - (ANSWER)Investors lack the necessary information
to make informed investment decisions
Investors stop investing - (ANSWER)Investors lose confidence in the financial
markets and stop investing
Sarbanes-Oxley Act of 2002 (SOX) - (ANSWER)Legislation aimed at reducing
unethical behavior in corporate financial reporting
Requiring top management to certify accuracy of reports - (ANSWER)Mandating
that top executives personally vouch for the accuracy of financial reports
Increasing severity of punishment for corporate executives - (ANSWER)Imposing
stricter penalties for executives involved in fraudulent financial reporting
Increasing independence of corporations external auditors - (ANSWER)Promoting
greater independence of auditors to ensure unbiased financial reporting
Sole Proprietorship - (ANSWER)Business owned by 1 person
Partnership - (ANSWER)Business owned by 2+ owners as partners
ACC 100 EXAM 1 | LATEST UPDATED | ACTUAL EXAM
QUESTIONS WITH SOLUTIONS | 100% RATED
CORRECT | 100% VERFIED SOLTIONS | ALREADY
GRADED A+
Internal users - (ANSWER)Management: plan, organize, run operations
External users - (ANSWER)Investors: evaluate worthiness of investment
External users - (ANSWER)Creditors: evaluate probability of repayment
External users - (ANSWER)Customers: evaluate support of products and
warranties
External users - (ANSWER)Taxing authorities: monitor compliance with tax laws
External users - (ANSWER)Regulatory agencies: monitor compliance with
regulations
External users - (ANSWER)Labor unions: monitor ability to compensate
employees
Improper financial reporting - (ANSWER)Misrepresentation of financial
information
, 2
Lack of useful info - (ANSWER)Insufficient or inaccurate financial information
Investors can't wisely invest - (ANSWER)Investors lack the necessary information
to make informed investment decisions
Investors stop investing - (ANSWER)Investors lose confidence in the financial
markets and stop investing
Sarbanes-Oxley Act of 2002 (SOX) - (ANSWER)Legislation aimed at reducing
unethical behavior in corporate financial reporting
Requiring top management to certify accuracy of reports - (ANSWER)Mandating
that top executives personally vouch for the accuracy of financial reports
Increasing severity of punishment for corporate executives - (ANSWER)Imposing
stricter penalties for executives involved in fraudulent financial reporting
Increasing independence of corporations external auditors - (ANSWER)Promoting
greater independence of auditors to ensure unbiased financial reporting
Sole Proprietorship - (ANSWER)Business owned by 1 person
Partnership - (ANSWER)Business owned by 2+ owners as partners
