AC201 Quiz 1

AC201 Quiz 1 - Name: AC201 Quiz #1 Multiple Choice...

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Name: AC201 Quiz #1 Multiple Choice Questions (1 point each)  Select the one, best answer 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. External users of accounting information want answers to all of the following questions except a. Is the company earning satisfactory income? b. Will the company be able to pay its debts as they come due? c. Will the company be able to afford employee pay raises this year? d. How does the company compare in profitability with competitors? 3. The common characteristic possessed by all assets is a. long life. b.
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AC201 Quiz 1 - Name: AC201 Quiz #1 Multiple Choice...

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