ACCOUNTING EXAM ONE (CHAPTERS 1-4)
1. Accounting is the information system that business activities,
the information into reports, and the results to decision makers.
Answer Mea- sures, processes, communicates
2. Financial accounting provides information for decision makers, such
as investors, creditors, and taxing authoritiesAnswer external
3. Managerial accounting provides information to decision makers, such as
managers, employees, individuals, and businesses.Answer internal
4. Licensed professional accountants who serve the general public
Answer Certified Public Accounts (CPAs)
5. Accountants who have advanced knowledge in finance, operations, strategy, and
managementAnswer Chartered Global Management Accountants (CGMAs)
6. Accountants who specialize in accounting and financial management knowl- edge
and often work for a single companyAnswer Certified Management Accountants (CMAs)
,7. Work with individuals to help them budget, plan for retirement, save for
education, and manage their financesAnswer Certified Financial Planners (CFPs)
8. What are the 4 types of accounting positions?
Answer Corporate or Industry Accounting Public Accounting
Financial Services Governmental
Accounting
9. Accountants need to understand how is used to process financial infor-
mation.
Answer technology
10. is the process of examining data, identifying trends, and drawing
conclusions, is often used by companies to answer business questions. The
insights gained from data analytics are often communicated through the use of
data visualizations.
Answer data analytics
11. are the presentation of data, trends, and conclusions in a graphical
, format.
Answer data visualizations
12. The oversees creation and governance of accounting standards.
Answer Finan- cial Accounting Standards Board (FASB)
13. The oversees the U.S. financial markets.
Answer Securities and Exchange Committee (SEC)
14. The are set of global accounting guidelines
Answer International Financial Reporting Standards (IFRS)
1. Accounting is the information system that business activities,
the information into reports, and the results to decision makers.
Answer Mea- sures, processes, communicates
2. Financial accounting provides information for decision makers, such
as investors, creditors, and taxing authoritiesAnswer external
3. Managerial accounting provides information to decision makers, such as
managers, employees, individuals, and businesses.Answer internal
4. Licensed professional accountants who serve the general public
Answer Certified Public Accounts (CPAs)
5. Accountants who have advanced knowledge in finance, operations, strategy, and
managementAnswer Chartered Global Management Accountants (CGMAs)
6. Accountants who specialize in accounting and financial management knowl- edge
and often work for a single companyAnswer Certified Management Accountants (CMAs)
,7. Work with individuals to help them budget, plan for retirement, save for
education, and manage their financesAnswer Certified Financial Planners (CFPs)
8. What are the 4 types of accounting positions?
Answer Corporate or Industry Accounting Public Accounting
Financial Services Governmental
Accounting
9. Accountants need to understand how is used to process financial infor-
mation.
Answer technology
10. is the process of examining data, identifying trends, and drawing
conclusions, is often used by companies to answer business questions. The
insights gained from data analytics are often communicated through the use of
data visualizations.
Answer data analytics
11. are the presentation of data, trends, and conclusions in a graphical
, format.
Answer data visualizations
12. The oversees creation and governance of accounting standards.
Answer Finan- cial Accounting Standards Board (FASB)
13. The oversees the U.S. financial markets.
Answer Securities and Exchange Committee (SEC)
14. The are set of global accounting guidelines
Answer International Financial Reporting Standards (IFRS)
