ACC 564 FINAL EXAM PART 1 TWO VERSIONS POSTED 100 QUESTIONS

Jul 21st, 2016
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Question 1 The transaction cycle that includes the events of hiring employees and paying them is known as the Answer revenue cycle. expenditure cycle. human resources cycle. financing cycle. Question 2 Data must be converted into information to be considered useful and meaningful for decision-making. There are six characteristics that make information both useful and meaningful. If information is free from error or bias and accurately represents the events or activities of the organization, it is representative of the characteristic of Answer relevancy. timeliness. understandability. reliability. Question 3 The primary objective of accounting is to Answer implement strong internal controls. provide useful information to decision makers. prepare financial statements. ensure the profitability of an organization Question 4 The business owners obtain financing from outside investors, which results in an inflow of cash into the company. This transaction is conside

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ACC 564 FINAL EXAM PART 1 TWO VERSIONS POSTED 100 QUESTIONSQuestion 1The transaction cycle that includes the events of hiring employees and paying them is known astheAnswerrevenue cycle.expenditure cycle.human resources cycle.financing cycle.Question 2Data must be converted into information to be considered useful and meaningful for decisionmaking. There are six characteristics that make information both useful and meaningful. Ifinformation is free from error or bias and accurately represents the events or activities of theorganization, it is representative of the characteristic ofAnswerrelevancy.timeliness.understandability.reliability.Question 3The primary objective of accounting is toAnswerimplement strong internal controls.provide useful information to decision makers.prepare financial statements.ensure the profitability of an organizationQuestion 4The business owners obtain financing from outside investors, which results in an inflow of cashinto the company. This transaction is considered to be part of which cycle?Answerthe revenue cyclethe payroll cyclethe production cyclethe financing cycleQuestion 5Information that is free from error or bias and accurately represents the events or activities of theorganization isAnswerrelevant.reliable.verifiable.timelyQuestion 6Hector Sanchez works in the accounting department of a multinational manufacturing company.His job includes updating accounts receivable based on sales orders and r

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