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ACCT 2001 CHAPTER 1 ACTUAL EXAM
PREP 2026 ALL QUESTIONS AND CORRECT
DETAILED ANSWERS ALREADY A GRADED
WITH EXPERT FEEDBACK |NEW AND
REVISED
Information and measurement system that identifies, records, and
communicates relevant information about a company's business
activities. - ANSWER- Accounting
what are the most common contact with accounting? - ANSWER- credit
checks, checking accounts, tax forms, and payroll
what is accounting caused and why? - ANSWER- Language of business-
it helps communicates data that help people make better decisions
what two groups are people divided into that uses accounting
information? - ANSWER- external and internal
________ focuses on the needs of external users - ANSWER- financial
accounting
______ focuses on the needs of internal users - ANSWER- managerial
accounting
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______ do not directly run the organization and have limited access to
his accounting information - ANSWER- external users
which users get accounting information from general purpose financial?
- ANSWER- external users
what are some types of external users? - ANSWER- lenders,
shareholders, external auditors, regulators, contributors, suppliers,
customers
loan money or other resources to an organization - ANSWER- Lenders
(Creditors)
The owners of a corporation use accounting report to decide whether to
buy hold or sell stock - ANSWER- shareholders (investors)
__________ examine financial statements to verify that they are
prepared according to generally accepted accounting principles -
ANSWER- External auditors
____,____, and _____ use external information to bargan for better
wages - ANSWER- Non-managerial and non-executive employees and
labor unions
ACCT 2001 CHAPTER 1 ACTUAL EXAM
PREP 2026 ALL QUESTIONS AND CORRECT
DETAILED ANSWERS ALREADY A GRADED
WITH EXPERT FEEDBACK |NEW AND
REVISED
Information and measurement system that identifies, records, and
communicates relevant information about a company's business
activities. - ANSWER- Accounting
what are the most common contact with accounting? - ANSWER- credit
checks, checking accounts, tax forms, and payroll
what is accounting caused and why? - ANSWER- Language of business-
it helps communicates data that help people make better decisions
what two groups are people divided into that uses accounting
information? - ANSWER- external and internal
________ focuses on the needs of external users - ANSWER- financial
accounting
______ focuses on the needs of internal users - ANSWER- managerial
accounting
, 2|Page
______ do not directly run the organization and have limited access to
his accounting information - ANSWER- external users
which users get accounting information from general purpose financial?
- ANSWER- external users
what are some types of external users? - ANSWER- lenders,
shareholders, external auditors, regulators, contributors, suppliers,
customers
loan money or other resources to an organization - ANSWER- Lenders
(Creditors)
The owners of a corporation use accounting report to decide whether to
buy hold or sell stock - ANSWER- shareholders (investors)
__________ examine financial statements to verify that they are
prepared according to generally accepted accounting principles -
ANSWER- External auditors
____,____, and _____ use external information to bargan for better
wages - ANSWER- Non-managerial and non-executive employees and
labor unions
