Accounting 101 Chapters
1–4 2026 | Study Guide,
Practice Questions,
Answers, Rationales &
Exam Review | Complete
Ethics Study Guide
Updated 2026 Questions and Answers
100% Verified Exam Prep and Comprehensive
Rationales
Included
, Financial accounting Provides information for external decision makers
Managerial accounting Accounting that focuses on providing information for internal decision makers
Certified public accountant Licensed professional accounts who serve the general public
Certified management accountants Certified professionals who typically work for a single company
Financial Accounting Standards Private organization that oversees the creation and governance of accounting
standards in the US
Generally Accepted Accounting Principles Currently formulated by the FASB, the main US accounting rule book
Securities and Exchange Commission Oversees the US financial markets
Economic entity assumption Organization that stands apart as a separate economic unit
Cost principle States that acquired assets and services should be recorded at their actual cost
Monetary Unit Assumption Requires the items on the financial statements to be measured in terms of a
monetary unit
Going concern assumption Assumes that the entity will remain in operation for the foreseeable future
International accounting standards board Private organization that oversees the creation and governance of international
reporting standards
1–4 2026 | Study Guide,
Practice Questions,
Answers, Rationales &
Exam Review | Complete
Ethics Study Guide
Updated 2026 Questions and Answers
100% Verified Exam Prep and Comprehensive
Rationales
Included
, Financial accounting Provides information for external decision makers
Managerial accounting Accounting that focuses on providing information for internal decision makers
Certified public accountant Licensed professional accounts who serve the general public
Certified management accountants Certified professionals who typically work for a single company
Financial Accounting Standards Private organization that oversees the creation and governance of accounting
standards in the US
Generally Accepted Accounting Principles Currently formulated by the FASB, the main US accounting rule book
Securities and Exchange Commission Oversees the US financial markets
Economic entity assumption Organization that stands apart as a separate economic unit
Cost principle States that acquired assets and services should be recorded at their actual cost
Monetary Unit Assumption Requires the items on the financial statements to be measured in terms of a
monetary unit
Going concern assumption Assumes that the entity will remain in operation for the foreseeable future
International accounting standards board Private organization that oversees the creation and governance of international
reporting standards
