Quiz_2 - ACCT-101 new Quiz 2 1 Profit is the difference...

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ACCT-101 new Quiz 2 1. Profit is the difference between: assets and liabilities the incoming cash and outgoing cash the assets purchased with cash contributed by the owner and the cash spent to operate the business the assets received for goods and services and the amounts used to provide the goods and services 2. Which of the following best describes accounting? records economic data but does not communicate the data to users according to any specific rules is an information system that provides reports to users is of no use by individuals outside of the business is used only for filling out tax returns and for financial statements for various type of governmental reporting requirements 3. Which of the following is not a step in providing accounting information to users? design the accounting information system prepare accounting surveys identify users record economic data 4. Which of the following is the best description of accounting’s role in business? Accounting provides stockholders with information regarding the market value
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This note was uploaded on 03/01/2010 for the course ACCT 2301 taught by Professor White during the Spring '08 term at Central Texas College.

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Quiz_2 - ACCT-101 new Quiz 2 1 Profit is the difference...

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