ACCT 200 ACTUAL EXAM PAPER 2026
QUESTIONS WITH SOLUTIONS GRADED A+
◉ What does GAAP do. Answer: are accounting rules used to prepare
and standardize the reporting of financial statements, such as balance
sheets, income statements and cashflow statement, for publicly traded
companies and many private companies in the United States.
◉ IFRS. Answer: International Financial Reporting Standards
◉ What does IFRS do. Answer: International accounting standard
◉ SEC. Answer: Securities and Exchange Commission
◉ What does SEC do. Answer: US gov agency overseeing the US
markets and standard setters
◉ FASB. Answer: Financial Accounting Standards Board
◉ What does FASB do. Answer: sets accounting standards in the U.S.
, ◉ IASB. Answer: International Accounting Standards Board
◉ What does IASB do. Answer: Set International Accounting Standards
(IFRS's and previously IAS's)
◉ fair value. Answer: financial elements are measured based on what
they are worth today
◉ Assets. Answer: resources owned by a business
◉ Liabilities. Answer: Amounts owed to creditors
◉ Equity. Answer: claims of owners
◉ Stockholders' Equity. Answer: The owners' claim to assets.
◉ retained earnings. Answer: An amount earned by a corporation and
not yet distributed to stockholders.
◉ Accounting Cycle Steps. Answer: 1. Analyze business transactions
2. Journalize the transactions
3. Post to ledger accounts
4. Prepare a trial balance
QUESTIONS WITH SOLUTIONS GRADED A+
◉ What does GAAP do. Answer: are accounting rules used to prepare
and standardize the reporting of financial statements, such as balance
sheets, income statements and cashflow statement, for publicly traded
companies and many private companies in the United States.
◉ IFRS. Answer: International Financial Reporting Standards
◉ What does IFRS do. Answer: International accounting standard
◉ SEC. Answer: Securities and Exchange Commission
◉ What does SEC do. Answer: US gov agency overseeing the US
markets and standard setters
◉ FASB. Answer: Financial Accounting Standards Board
◉ What does FASB do. Answer: sets accounting standards in the U.S.
, ◉ IASB. Answer: International Accounting Standards Board
◉ What does IASB do. Answer: Set International Accounting Standards
(IFRS's and previously IAS's)
◉ fair value. Answer: financial elements are measured based on what
they are worth today
◉ Assets. Answer: resources owned by a business
◉ Liabilities. Answer: Amounts owed to creditors
◉ Equity. Answer: claims of owners
◉ Stockholders' Equity. Answer: The owners' claim to assets.
◉ retained earnings. Answer: An amount earned by a corporation and
not yet distributed to stockholders.
◉ Accounting Cycle Steps. Answer: 1. Analyze business transactions
2. Journalize the transactions
3. Post to ledger accounts
4. Prepare a trial balance
