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ACC 300 Final Exam - Answers and Explanations

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ACC300 Final Exam Guide

About: ACC 300 final exam guide for 2016, with full explanations for every answer.  If you need additional help, we're here for you with our unmatched customer support. This guide includes 30 answers and explanations. 

Type: Instant Download

Format: Microsoft Word

Version: 2016 Exam Version

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1) Which of the following statements is true?

D. A Management Discussion and Analysis section is required in annual reports to shareholders even when financial results are positive.

Explanation: Per GAAP guidelines, it is necessary for the management teams of publicly traded companies to discuss financial results to provide additional clarity for shareholders. 

2) Notes to the financial statements include which of the following:

A. An independent auditors report.

Explanation: The independent auditors report includes any discrepancies or important information discovered by third-party auditors.

3) Which of the following financial statements is divided into major categories of operating, investing, and financing activities?

D. The statement of cash flows.

Explanation: The statement of cash flows is designed to show shareholders how funds move through each of these three categories.