Kaplan Univ ACC 499 Midterm Exam with 100 % Correct Answers

Aug 23rd, 2016
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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 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 :

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Kaplan Univ ACC 499 Midterm Exam with 100 % Correct AnswersQuestion1. Question : An entity that is organized according to state or federal statutes and in whichownership 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 asStudent 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-profit

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