ACC 300 Final Exam / 100% correct answers Essay Example

ACC 300 Final Exam / 100% correct answers

http://www.homeworkmarket.com/content/acc-300-final-exam-100-correct-answers

1. Which of the following is the most appropriate and modern definition of accounting?

A) The information system that identifies, records, and communicates the economic events of an organization to interested users

B) A means of collecting information

C) The interconnected network of subsystems necessary to operate a business

D) Electronic collection, organization, and communication of vast amounts of information

2. Which of the following groups uses accounting information primarily to insure the entity is operating within prescribed rules?

A) Taxing authorities

B) Regulatory agencies

C) Labor Unions

D) Management

3. Which of the following would not be considered an internal user of accounting data for a company?

A) The president of a company

B) The controller of a company

C) Creditor of a company

D) Salesperson of a company

4. Stockholders' equity is increased by

A) Dividends

B) Revenues

C) Expenses

D) Liabilities

5. The left side of an account is

A) Blank

B) a description of the account

C) the debit side

D) The balance of the account

6. Which one of the following is not a part of an account?

A) Credit side

B) Trial balance

C) Debit side

D) Title

7. The right side of an account

A) is the correct side

B) reflects all transactions for the accounting period

C) shows all the balances of the accounts in the system

D) is the credit side

8. The normal balance of any account is the

A) left side

B) right side

C) side which increases that account

D)