HORNGREN FINANCIAL MANAGERIAL
ACCOUNTING CERTIFICATION REVIEW
2026 QUESTIONS WITH SOLUTIONS
GRADED A+
⩥ Financial Accounting. Answer: Provides information for external
decision makers, such as outside investors, lenders, customers, and the
federal government.
⩥ Managerial Accounting. Answer: Focuses on information for internal
decision makers, such as the company's managers and employees.
⩥ Certified Public Accountants. Answer: Licensed professional
accountants who serve the general public.
⩥ Chartered Global Management Accountant. Answer: Accountants who
have advanced knowledge in finance, operations, strategy, and
management.
⩥ Certified Management Accountant. Answer: Certified professionals
who specialize in accounting and financial management knowledge.
, ⩥ Certified Financial Planner. Answer: Work with individuals to help
them budget, plan for retirement, save for education, and manage their
finances.
⩥ Financial Accounting Standards Board. Answer: A privately funded
organization; oversees the creation and governance of accounting
standards.
⩥ Securities and Exchange Commission. Answer: The U.S.
governmental agency that oversees the U.S. financial markets.
⩥ Generally Accepted Accounting Principles. Answer: The main U.S.
accounting rule book and is currently created and governed by the
FASB.
⩥ Faithful Representation. Answer: Information that is complete,
neutral, and free from material error.
⩥ Cost Principle. Answer: States that acquired assets and services
should be recorded at their actual cost (also called historical cost).
⩥ International Financial Reporting Standards. Answer: A set of global
accounting standards that are used by more than 166
nations/jurisdictions.
ACCOUNTING CERTIFICATION REVIEW
2026 QUESTIONS WITH SOLUTIONS
GRADED A+
⩥ Financial Accounting. Answer: Provides information for external
decision makers, such as outside investors, lenders, customers, and the
federal government.
⩥ Managerial Accounting. Answer: Focuses on information for internal
decision makers, such as the company's managers and employees.
⩥ Certified Public Accountants. Answer: Licensed professional
accountants who serve the general public.
⩥ Chartered Global Management Accountant. Answer: Accountants who
have advanced knowledge in finance, operations, strategy, and
management.
⩥ Certified Management Accountant. Answer: Certified professionals
who specialize in accounting and financial management knowledge.
, ⩥ Certified Financial Planner. Answer: Work with individuals to help
them budget, plan for retirement, save for education, and manage their
finances.
⩥ Financial Accounting Standards Board. Answer: A privately funded
organization; oversees the creation and governance of accounting
standards.
⩥ Securities and Exchange Commission. Answer: The U.S.
governmental agency that oversees the U.S. financial markets.
⩥ Generally Accepted Accounting Principles. Answer: The main U.S.
accounting rule book and is currently created and governed by the
FASB.
⩥ Faithful Representation. Answer: Information that is complete,
neutral, and free from material error.
⩥ Cost Principle. Answer: States that acquired assets and services
should be recorded at their actual cost (also called historical cost).
⩥ International Financial Reporting Standards. Answer: A set of global
accounting standards that are used by more than 166
nations/jurisdictions.
