ACCY 201 FINAL EXAM BARTON EXAMPREP RESOURCE WITH COMPLETE QUESTIONS AND VERIFIED SOLUTIONS

ACCY 201 FINAL EXAM BARTON
EXAMPREP RESOURCE WITH COMPLETE
QUESTIONS AND VERIFIED SOLUTIONS

⩥ financial accounting.
Answer: accounting that focuses on the needs of *external* users


⩥ managerial accounting.
Answer: accounting that focuses on the needs of *internal* users


⩥ external users.
Answer: do not directly run the organization and have limited access to
its accounting info
- lenders (creditors)
- shareholders (investors)
- regulators
- gov officials
- suppliers
- customers


⩥ internal users.
Answer: directly manage the organization

, - managers


⩥ private accounting.
Answer: accountants working for businesses


⩥ public accounting.
Answer: accounting services such as auditing and taxation


⩥ CPA.
Answer: certified public accountant


⩥ SOX.
Answer: - passed by Congress to to help stop financial abuses
- requires documentation and verification of internal controls and
emphasizes effective internal controls


⩥ GAAP.
Answer: generally accepted accounting principles
- info must have relevance and faithful representation


⩥ FASB.
Answer: Financial Accounting Standards Board