- Study guides, Class notes & Summaries

ACC 101 Exam 1 Multiple Choice Practice Test Exam questions with correct answers 2026/2027 Edition Graded A+ A partnership Has unlimited liability for its partners. 3 multiple choice options To include the personal assets and transactions of a business's owner in the records and reports of the business would be in conflict with the: Business entity assumption. 3 multiple choice options Cage Company had net income of $361 million and average total assets of $2,030 million. Its ret...

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15 pages

Written in 2026/2027

Grade A+

Wisegrades

ACC 101 The Accounting Equation and System Components Exam questions with correct answers 2026/2027 Edition Graded A+ What is the accounting equation? Assets = Liabilities + Owner's Equity What defines assets in accou

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6 pages

Written in 2026/2027

Grade A+

Wisegrades

ACC 101 Review Quiz #2 Exam questions with correct answers 2026/2027 Edition Graded A+ In general, the operating cycle is -1. shortest for service companies 2. longer for merchandising companies 3. longest for manufacturing companies What is the proper formula for computing Cost of Goods Sold - Beginning Inventory + Purchases - Ending Inventory Firms using a _______ inventory system always

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15 pages

Written in 2026/2027

Grade A+

Wisegrades

ACC 212 Final Exam questions with correct answers 2026/2027 Edition Graded A+ The primary functions of accounting are to: -communicate information to decision makers. measure a company's activities. What is managerial accounting? -deals with the concepts and methods used to provide information to an organization's internal users. deals with the concepts and methods used to provide information to an organization's in

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13 pages

Written in 2026/2027

Grade A+

Wisegrades

Accounting 101 Exam questions with correct answers 2026/2027 Edition Graded A+ Accounting equation -*Assets = Liabilities + Owner's Equity* The basic accounting equation, also called the balance sheet equation, represents the relatio

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6 pages

Written in 2026/2027

Grade A+

Wisegrades

BUS 101 Exam questions with correct answers 2026/2027 Edition Graded A+ business ethics - contemporary standards or values that govern the actions and behavior of individuals in the business organization and the actions of the business as a whole. ethical behavior -set of standards that govern the conduct of a person, especially a member of a profession. legal behavior -follows the laws, which may change over time. code of ethics -a fo

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23 pages

Written in 2026/2027

Grade A+

Wisegrades

FIN 101 - Chapter 7 Exam questions with correct answers 2026/2027 Edition Graded A+ Which type of risk refers to the chance that general interest will increase? business risk interest rate risk inflation risk loan risk -Interest Rate Risk Which type of risk refers to th

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8 pages

Written in 2026/2027

Grade A+

Wisegrades

Accounting 101 Exam questions with correct answers 2026/2027 Edition Graded A+ What is the two classifications of Corporation? 1. Purpose a. Profit b. Non-Profit 2. Ownership a. Publicly held (traded on the American stock exchange, large corporation) b. Privately owned (not necessarily small corporation, but their stock is not actively traded on a public stock exchange.) Types of Corporations and Mixed

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7 pages

Written in 2026/2027

Grade A+

Wisegrades

Acc 101 Chapter 2 Exam questions with correct answers 2026/2027 Edition Graded A+ Bramble Inc. pays its employees twice a month, on the 7th and the 21st. On June 21, Bramble Inc. paid employee salaries of $5020. This transaction would -decrease net income for the month by $5020. Bonita Company showed the following balances at the end of its first year: Cash $6070 Prepaid insurance

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9 pages

Written in 2026/2027

Grade A+

Wisegrades

Fin 101 Chap 1 Exam questions with correct answers 2026/2027 Edition Graded A+ The stages in the family situation and financial needs of an adult is called the: -Adult life cycle. Who is less likely to be harmed by inflation? -Borrowers Short-term goals are usually achieved within three years. -False Place the following steps for a personal financial plan in the proper order: 1. Review and revise the financial plan 2. Identify alternative courses

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10 pages

Written in 2026/2027

Grade A+

Wisegrades

ACC 101 Final Study Guide (Practice Problems) Exam questions with correct answers 2026/2027 Edition Graded A+ What is an information system that provides reports to users regarding economic activities and condition of a business> - accounting All of the following are general-purpose financial statements except: a. balance sheet b. retained earnings statement c. cash budget d. income statement -

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68 pages

Written in 2026/2027

Grade A+

Wisegrades

Accounting 101 Exam questions with correct answers 2026/2027 Edition Graded A+ Accounting -organizing, recording, maintaining and analyzing financial activities. Accounting equation -The relationship between assets, liabilities and capital of a business organization. Accrual -An accumulation of assets or expenses or revenue items as well as liabilities who value has been incurred, although no cash has been transferred.

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12 pages

Written in 2026/2027

Grade A+

Wisegrades

BUS 101 - Ch. 7, 8 , & 9 Exam questions with correct answers 2026/2027 Edition Graded A+ what does management look like today? -today some managers tend to be more progressive. they use teams and team building, create drop in centers, team spaces, and open work areas, and they tend to guide, train, support, motivate, and coach employees instead of telling them what to do. what reasons can you give to account for changes in management? - leaders tend to be younger, female, and less are e...

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14 pages

Written in 2026/2027

Grade A+

Wisegrades

ACC 101 Mid term Exam questions with correct answers 2026/2027 Edition Graded A+ What is accounting? -An information system that provides reports to stakeholders about the economic activities and condition of a business. Why is ethics in accounting important? -It's moral principles that guide the conduct of

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8 pages

Written in 2026/2027

Grade A+

Wisegrades

ACC 101 - Account Type Exam questions with correct answers 2026/2027 Edition Graded A+ Accounts Payable (A/P) -Liability Accounts Receivable (A/R) -Asset Accumulated Depreciation -Contra-Asset

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6 pages

Written in 2026/2027

Grade A+

Wisegrades

FIN 101 Exam questions with correct answers 2026/2027 Edition Graded A+ The ultimate retirement benefit is unknown in the defined contribution plans. -Which of the following statements is correct about retirement planning? Short-term goal --- Stocks -Which of the following pairs of time frames and their appropriate investment products are mismatched? 30% or less -Which percentage of debt ratio is considered as excellent? 50s-60s -When we consider economic life cycle, which age interva...

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8 pages

Written in 2026/2027

Grade A+

Wisegrades

FIN 101 Exam questions with correct answers 2026/2027 Edition Graded A+ If Susan has a surplus of $4800 per year and chooses to save that surplus for her future, needs, how much wealth will her surplus savings be worth after 20 years if she can earn a 12% rate of return? - ??? Steven earns $7280 per month. His monthly expenses include: $1000 in rent, $950 in recreational expenses, $470 in food, $350 in auto payments, $250 in gas and maintenance, $700 in student loan repayments, $260 in...

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7 pages

Written in 2026/2027

Grade A+

Wisegrades

ACCT 212 Chapter 11 Review Exam questions with correct answers 2026/2027 Edition Graded A+ An investment has a cost $40,000 with net cash flows of $20,000 each year for 4 years. The company has a required rate of return of 8%. If the first four periods' discount factors, based on 8%, taken from a "present value of 1" table are 0.9259, 0.8573, 0.7938, 0.7350, what is the break-even time of the inv

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6 pages

Written in 2026/2027

Grade A+

Wisegrades

CIS BUS 101 Fundamentals of management Exam questions with correct answers 2026/2027 Edition Graded A+ What is management? -Planning, organizing, leading, and controlling resources to achieve goals. What are the four functions of management? -Planning, organizing, leading, and controlling What is scientific management? - A theory focused on efficiency and productivity. Who was Frederick Taylor? -The f

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24 pages

Written in 2026/2027

Grade A+

Wisegrades

CIS BUS 101 Fundamentals of management Exam questions with correct answers 2026/2027 Edition Graded A+ What is management? -Planning, organizing, leading, and controlling resources to achieve goals. What are the four functions of management? -Planning, organizing, leading, and controlling What is scientific management? - A theory focused on efficiency and productivity. Who was Frederick Taylor? -The f

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11 pages

Written in 2026/2027

Grade A+

Wisegrades