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ACC 499 Midterm Exam: Comprehensive Accounting Concepts and Principles Kaplan University

A midterm exam covering comprehensive accounting concepts, principles, and financial analysis techniques.

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    ACC 499 Midterm Exam: Comprehensive Accounting Concepts and Principles Kaplan University Kaplan Univ ACC 499 Midterm Exam with 100 % Correct Answers Question 1. Question : An entity that is organized according to state or federal statutes and in which ownership is divided into shares of stock is a Student Answer: proprietorship. corporation. partnership. governmental unit. A Points Received: 2 of 2 Comments: 2. Question : When a product is sold, this cost is often called Student Answer: cost of goods sold. revenue. products. retained earnings. Comments: 3. Question : Which of the following are business stakeholders? Student Answer: Stockholders Suppliers Customers All of these Points Received: 2 of 2 Comments: 4. Question : The role of accounting in business is best defined as

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    Student Answer: an information system that provides reports to stakeholders about the economic activities and condition of a business. a method of forecasting the future profitability of a company. the policies, procedures, and strategies used in a business. transaction analysis. Points Received: 2 of 2 Comments: 5. Question : The following are examples of internal stakeholders EXCEPT: Student Answer: managers. creditors. employees. All of these are internal stakeholders. Points Received: 2 of 2 Comments: 6. Question : Costs incurred in operating a business are also known as Student Answer: revenues. expenses. liabilities. dividends. Points Received: 2 of 2 Comments: 7. Question : More than 70% of businesses are organized as what type of business? Student Answer: Community Not - for - profit Corporation General Partnership Sole proprietorship Points Received: 2 of 2 Comments: 8. Question : Which of the following must receive IRS permission AND is reportable in the financial records? Student Answer: The value of goodwill earned through business operations

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