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
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
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
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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Document Details
University
Kaplan University School of Business and Management
Subject
Accounting