Accounting 2301 UTA Exam 1 Questions
With Correct Answers
Why is accounting important? - CORRECT ANSWER✔✔-Information
| | | | | | |
system that measures business activities, processes the information into
| | | | | | | |
reports, and communicates the results to decision makers. Language of
| | | | | | | | | | |
Business.
Accounting Model - CORRECT ANSWER✔✔-Start with economic
| | | | | | |
activities (are reviewed), create useful information (good decisions)
| | | | | | |
Managerial Accounting - CORRECT ANSWER✔✔-Focuses on information
| | | | | |
for internal decision makers.
| | | | |
Ex. Company Managers and Employees
| | | |
Financial Acounting - CORRECT ANSWER✔✔-Provides information for
| | | | | | |
external decision makers
| |
Ex. Outside investors, Lenders, Customers, Federal Government
| | | | | |
Businesses - CORRECT ANSWER✔✔-Set goals, measure progress, make
| | | | | | | |
adjustment
, Investors - CORRECT ANSWER✔✔-Outside investors, provide money to
| | | | | | | |
get business going
| |
Creditor - CORRECT ANSWER✔✔-Any person or business to whom a
| | | | | | | | | |
business owes money
| |
Certified Public Accountant (CPA) - CORRECT ANSWER✔✔-Licensed
| | | | | | |
professional accountants who serve the general public.
| | | | | |
Certified Management Accountant (CMA) - CORRECT ANSWER✔✔-
| | | | | |
Certified professionals who specialize in accounting and financial
| | | | | | | |
management knowledge. They typically work for a single company.
| | | | | | | |
Financial Accounting Standards Board (FASB) - CORRECT ANSWER✔✔-
| | | | | | |
Privately funded organization, oversees the creation and governance of
| | | | | | | | |
accounting standards |
Security and Exchange Commission (SEC) - CORRECT ANSWER✔✔-U.S.
| | | | | | | |
governmental agency that oversees the U.S. financial markets.
| | | | | | |
FASB and SEC - CORRECT ANSWER✔✔-Work Together
| | | | | |
With Correct Answers
Why is accounting important? - CORRECT ANSWER✔✔-Information
| | | | | | |
system that measures business activities, processes the information into
| | | | | | | |
reports, and communicates the results to decision makers. Language of
| | | | | | | | | | |
Business.
Accounting Model - CORRECT ANSWER✔✔-Start with economic
| | | | | | |
activities (are reviewed), create useful information (good decisions)
| | | | | | |
Managerial Accounting - CORRECT ANSWER✔✔-Focuses on information
| | | | | |
for internal decision makers.
| | | | |
Ex. Company Managers and Employees
| | | |
Financial Acounting - CORRECT ANSWER✔✔-Provides information for
| | | | | | |
external decision makers
| |
Ex. Outside investors, Lenders, Customers, Federal Government
| | | | | |
Businesses - CORRECT ANSWER✔✔-Set goals, measure progress, make
| | | | | | | |
adjustment
, Investors - CORRECT ANSWER✔✔-Outside investors, provide money to
| | | | | | | |
get business going
| |
Creditor - CORRECT ANSWER✔✔-Any person or business to whom a
| | | | | | | | | |
business owes money
| |
Certified Public Accountant (CPA) - CORRECT ANSWER✔✔-Licensed
| | | | | | |
professional accountants who serve the general public.
| | | | | |
Certified Management Accountant (CMA) - CORRECT ANSWER✔✔-
| | | | | |
Certified professionals who specialize in accounting and financial
| | | | | | | |
management knowledge. They typically work for a single company.
| | | | | | | |
Financial Accounting Standards Board (FASB) - CORRECT ANSWER✔✔-
| | | | | | |
Privately funded organization, oversees the creation and governance of
| | | | | | | | |
accounting standards |
Security and Exchange Commission (SEC) - CORRECT ANSWER✔✔-U.S.
| | | | | | | |
governmental agency that oversees the U.S. financial markets.
| | | | | | |
FASB and SEC - CORRECT ANSWER✔✔-Work Together
| | | | | |
