ACC 100 FINAL EXAM ACTUAL TEST PAPER
2026 QUESTIONS WITH ANSWERS GRADED
A+
◉ What would a marketing manager care about? Answer: What is
expected revenue from a new product
◉ What would an auditor care about? Answer: Is the business
following the accounting rules
◉ What would suppliers care about? Answer: Will a business pay for
purchases on time
◉ What would a creditor (bank) care about? Answer: Does the
business have enough cash to pay interest
◉ What would the shareholder (i.e. owner) care about? Answer:
Does the business have enough cash to pay dividends
◉ What would the Canada Revenue Agency care about? Answer:
What is the total taxable income
, ◉ Qualitative characteristic: Faithful Answer: Truthful, meaning it is
complete, true to life, free of major errors, and unbiased
◉ Qualitative characteristic: Relevant Answer: Applicable or
pertinent to your decision making, helps you predict the future
and/or confirm decisions you made in the past
◉ Qualitative characteristic: Comparable Answer: Can compare the
same business from year to year (consistent) OR between two
different businesses in the same industry
◉ Qualitative characteristic: Verifiable Answer: Anyone looking at
the information would determine similar amounts or arrive at
similar conclusions
◉ Qualitative characteristic: Timely Answer: Information is
provided quickly, before it loses its usefulness
◉ Qualitative characteristic: Understandable Answer: Classify
(group), describe and present information so it is clear and concise
◉ Assumption: Separate entity Answer: Only the activities of the
business are included in the business's financial information.
Personal activities are excluded (separate)
2026 QUESTIONS WITH ANSWERS GRADED
A+
◉ What would a marketing manager care about? Answer: What is
expected revenue from a new product
◉ What would an auditor care about? Answer: Is the business
following the accounting rules
◉ What would suppliers care about? Answer: Will a business pay for
purchases on time
◉ What would a creditor (bank) care about? Answer: Does the
business have enough cash to pay interest
◉ What would the shareholder (i.e. owner) care about? Answer:
Does the business have enough cash to pay dividends
◉ What would the Canada Revenue Agency care about? Answer:
What is the total taxable income
, ◉ Qualitative characteristic: Faithful Answer: Truthful, meaning it is
complete, true to life, free of major errors, and unbiased
◉ Qualitative characteristic: Relevant Answer: Applicable or
pertinent to your decision making, helps you predict the future
and/or confirm decisions you made in the past
◉ Qualitative characteristic: Comparable Answer: Can compare the
same business from year to year (consistent) OR between two
different businesses in the same industry
◉ Qualitative characteristic: Verifiable Answer: Anyone looking at
the information would determine similar amounts or arrive at
similar conclusions
◉ Qualitative characteristic: Timely Answer: Information is
provided quickly, before it loses its usefulness
◉ Qualitative characteristic: Understandable Answer: Classify
(group), describe and present information so it is clear and concise
◉ Assumption: Separate entity Answer: Only the activities of the
business are included in the business's financial information.
Personal activities are excluded (separate)
