ACC 100 Exam 1 (45 Questions) – Financial Reporting, SOX, Accounting Equations – Toronto Metropolitan University

This document includes 45 fully answered questions from Exam 1 of ACC 100: Introductory Financial Accounting, covering all key foundational topics in financial accounting. The material is structured in a clear Q&A format and is aligned with the 2025/2026 curriculum, providing students with a reliable and efficient way to study for their exam. Core topics featured include the accounting equation, types of financial statements (income statement, balance sheet, statement of cash flows, retained earnings), internal vs. external users of financial information, business ownership types (sole proprietorship, partnership, corporation), financing activities (debt vs. equity), and ethical financial reporting standards such as those mandated by the Sarbanes-Oxley Act (SOX). This document is ideal for students looking to build a solid understanding of financial accounting principles and apply them confidently in exam settings. It is especially useful for: Students pursuing a Bachelor of Commerce (BCom) Business Administration and Management students Accounting and Finance majors Any university student enrolled in an introductory financial accounting course Whether you're preparing for a midterm, final exam, or a review session, this study guide offers a comprehensive and exam-focused resource tailored for academic success. Keywords: ACC 100, financial accounting, SOX, accounting exam, financial statements, balance sheet, income statement, statement of cash flows, retained earnings, accounting equation, business ownership, debt financing, equity financing, internal users, external users, inventory systems, gross profit, net income, exam practice, study guide, university accounting course, accounting basics, accounting midterm