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ACC 499 Midterm Exam: Comprehensive Accounting Concepts and Principles Kaplan University - Document preview page 1

ACC 499 Midterm Exam: Comprehensive Accounting Concepts and Principles Kaplan University - Page 1

Document preview content for ACC 499 Midterm Exam: Comprehensive Accounting Concepts and Principles Kaplan University

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 - Page 1 preview imageACC 499 Midterm Exam: Comprehensive Accounting Concepts andPrinciples Kaplan UniversityKaplan Univ ACC 499 Midterm Exam with 100 % Correct AnswersQuestion1. Question : An entity that is organized according to state or federal statutes and inwhichownership is divided into shares of stock is aStudent Answer: proprietorship.corporation.partnership.governmental unit. APoints Received: 2 of 2Comments:2. Question : When a product is sold, this cost is often calledStudent Answer: cost of goods sold.revenue.products.retained earnings.Comments:3. Question : Which of the following are business stakeholders?Student Answer: StockholdersSuppliersCustomersAll of thesePoints Received: 2 of 2Comments:4. Question : The role of accounting in business is best defined as
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ACC 499 Midterm Exam: Comprehensive Accounting Concepts and Principles Kaplan University - Page 3 preview imageStudent Answer: an information system that provides reports to stakeholders about the economicactivities 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 2Comments: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 2Comments:6. Question : Costs incurred in operating a business are also known asStudent Answer: revenues.expenses.liabilities.dividends.Points Received: 2 of 2Comments:7. Question : More than 70% of businesses are organized as what type of business?Student Answer: Community Not-for-profitCorporationGeneral PartnershipSole proprietorshipPoints Received: 2 of 2Comments:8. Question : Which of the following must receive IRS permission AND is reportable in thefinancial records?Student Answer: The value of goodwill earned through business operations
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Document Details

University
Kaplan University School of Business and Management
Course
ACC 499
Subject
Accounting

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