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Midterm

ACC 100 Midterm: ACC 100 MID TERM STUDY


Department
Accounting
Course Code
ACC 100
Professor
Donna Zathy
Study Guide
Midterm

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ACC100 Master - All the notes I took over the fall semester,
probably missing a few things.

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Office Hours:
TRS2-133
Tuesday, 12:30pm 2:30pm
Week 1
Chapter 1:
Primary Sector: Taking raw materials, working with natural resources.
(mining, lumberjacks, farming, fishing, etc.).
Secondary Sector: Refining raw materials into a product for consumers.
(Carpenter, chocolatiers, etc.)
Tertiary Sector: Provides a good or service.
(Flying, Banking, Ikea, Walmart, etc.)
Stakeholders:
Be able to define a stakeholder
Be able to define internal v external stakeholders
Be able to give at least one stakeholder objective for each
Qualitative Characteristics:
Faithful: Must be truthful/complete (free from error), it must also be neutral (unbiased).
Relevant: Information that helps predict the future or helps confirm past information
Comparable: Compare between years internally or with other similar companies externally.
Verifiable: Information that can be recreated by other neutral parties.
Timely: Up-to-date information that can help in making decisions.
Understandable: Simplifying information so that shareholders and creditors (average person)
can understand
Assumptions:
Separate Entity: Don’t mix personal assets, and expenses into the companies financial
statement.
Unit-of-Measure: Wherever the head office is located, report the financial statement in that
currency.
Going Concern: Assumes the company will not file for bankruptcy and continue into the future.
Historical Cost: Record assets at prices paid for the assets.
Time Period: A means to measure a companies success.
Full Disclosure: A record of all the information given to those required to make a decision

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Stakeholders
Questions
A
Tax Advisor
Are tax laws being followed?
B
Marketing Manager
What is the expected revenue from a new product?
C
Auditor in a Large Accounting Firm
Is the business following the required accounting rules?
D
Supplier
Will a business be able to pay it’s purchases on time?
E
Creditor
Does a business have enough cash to pay interest?
In-Class Demo:
Name/Description
Q1
Medical Resercher
Q2
Clothing Manufacturer
Q3
Taxi Driver
Q4
Lawn Care Company
Q5
Hershey Company
Q6
Fish Farms in BC
Q7
Ryerson University
Answer
1
E
X (A)
2
D
3
C
4
E
5
C
6
B
Midterm Things
A. List and define each of the three business sectors.
B. Categorize different businesses and jobs/careers into one of the three business sectors
and be able to explain WHY it belongs there. For example: "Fashion designer is in the
secondary sector because it involves the manufacturing of clothing out of raw material."
C. Define stakeholder, internal stakeholder, and external stakeholder.
D. List common internal stakeholders and their objectives. works for business
E. List common external stakeholders and their objectives. Outside of business
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