ACG 2021 FSU Paterson Final Exam with all Correct &
100% Verified Answers |Actual Complete Exam |Already
Graded A+
Which of the following is true with regards to the forms of business organization? ✔Correct
Answer-Stockholders are generally not personally liable for their corporations' debts.
Which of the following are considered to be an internal user of accounting data for a company?
✔Correct Answer-- A salesperson of a company
- The president of a company
- The finance director of a company
NOT
- Owners of the company
Which of the following is the most appropriate definition of accounting information?
✔Correct Answer-The information system that identifies, records, and communicates the
economic events of an organization to interested users
Which of the following statements is true regarding the Sarbanes-Oxley Act (SOX)? ✔Correct
Answer-SOX required increased independence of the certified public accountants hired to audit
a company's financial statements.
Which of the following are considered a liability? ✔Correct Answer-- Interest Payable
- Notes Payable
- Accounts Payable
NOT
- Cost of Goods Sold
Which of the following is an asset? ✔Correct Answer-Accounts receivable
NOT
- Supplies expense
- Retained earnings
- Revenue
- Dividends
Paying cash to buy stocks or bonds of another company is an example of ✔Correct Answer-an
investing activity.
Resources owned by a business are referred to as ✔Correct Answer-assets
, What type of account or account classification is Retained Earnings? ✔Correct Answer-
Liability
Which of the following is a primary purpose of the balance sheet? ✔Correct Answer-To report
the company's assets and claims to assets at a specific point in time
Which of the following would appear on a retained earnings statement? ✔Correct Answer--
The ending retained earnings balance
- Dividends
- The beginning retained earnings balance
- Net income
A company borrows money from a bank. It should report the cash received from the bank on its
statement of cash flows as ✔Correct Answer-a financing activity.
Which financial statement reports assets, liabilities, and stockholders' equity as of a given date?
✔Correct Answer-Balance sheet.
Which of the following best describes stockholders' equity? ✔Correct Answer-Stockholders'
equity are the claims of owners.
If total liabilities decreased by $75,000 and stockholders equity decreased by $25,000 during a
period of time, then total assets must change by what amount and direction during that same
period? ✔Correct Answer-$100,000 decrease
Publicly traded U.S. companies must provide shareholders with an annual report. Which of the
following are part of the annual report provided to shareholders? ✔Correct Answer--
Statement of cash flows
- Auditor's report
- Notes to the financial statements
- Management discussion and analysis
If the auditor issuing the auditor's report is satisfied that the financial statements provide a fair
representation of the company's financial position and results of operation, the auditor
expresses ✔Correct Answer-an unqualified opinion.
On a classified balance sheet, companies usually list current assets ✔Correct Answer-in the
order in which they are expected to be converted into cash.
Which of the following are classified as a current asset? ✔Correct Answer-- Accounts
receivable
- Cash
- Inventory
- Prepaid expenses
100% Verified Answers |Actual Complete Exam |Already
Graded A+
Which of the following is true with regards to the forms of business organization? ✔Correct
Answer-Stockholders are generally not personally liable for their corporations' debts.
Which of the following are considered to be an internal user of accounting data for a company?
✔Correct Answer-- A salesperson of a company
- The president of a company
- The finance director of a company
NOT
- Owners of the company
Which of the following is the most appropriate definition of accounting information?
✔Correct Answer-The information system that identifies, records, and communicates the
economic events of an organization to interested users
Which of the following statements is true regarding the Sarbanes-Oxley Act (SOX)? ✔Correct
Answer-SOX required increased independence of the certified public accountants hired to audit
a company's financial statements.
Which of the following are considered a liability? ✔Correct Answer-- Interest Payable
- Notes Payable
- Accounts Payable
NOT
- Cost of Goods Sold
Which of the following is an asset? ✔Correct Answer-Accounts receivable
NOT
- Supplies expense
- Retained earnings
- Revenue
- Dividends
Paying cash to buy stocks or bonds of another company is an example of ✔Correct Answer-an
investing activity.
Resources owned by a business are referred to as ✔Correct Answer-assets
, What type of account or account classification is Retained Earnings? ✔Correct Answer-
Liability
Which of the following is a primary purpose of the balance sheet? ✔Correct Answer-To report
the company's assets and claims to assets at a specific point in time
Which of the following would appear on a retained earnings statement? ✔Correct Answer--
The ending retained earnings balance
- Dividends
- The beginning retained earnings balance
- Net income
A company borrows money from a bank. It should report the cash received from the bank on its
statement of cash flows as ✔Correct Answer-a financing activity.
Which financial statement reports assets, liabilities, and stockholders' equity as of a given date?
✔Correct Answer-Balance sheet.
Which of the following best describes stockholders' equity? ✔Correct Answer-Stockholders'
equity are the claims of owners.
If total liabilities decreased by $75,000 and stockholders equity decreased by $25,000 during a
period of time, then total assets must change by what amount and direction during that same
period? ✔Correct Answer-$100,000 decrease
Publicly traded U.S. companies must provide shareholders with an annual report. Which of the
following are part of the annual report provided to shareholders? ✔Correct Answer--
Statement of cash flows
- Auditor's report
- Notes to the financial statements
- Management discussion and analysis
If the auditor issuing the auditor's report is satisfied that the financial statements provide a fair
representation of the company's financial position and results of operation, the auditor
expresses ✔Correct Answer-an unqualified opinion.
On a classified balance sheet, companies usually list current assets ✔Correct Answer-in the
order in which they are expected to be converted into cash.
Which of the following are classified as a current asset? ✔Correct Answer-- Accounts
receivable
- Cash
- Inventory
- Prepaid expenses
