ACCT 211 - Exam 1 questions well answered graded A+

ACCT 211 - Exam 1 questions well answered graded A+__________ is called the language of business - correct answer Accounting External users - correct answer Lender, Shareholders, Governments, Consumer Groups, External Auditors, Customers Internal users: - correct answer officers, managers, internal auditors, sales staff, budget officers, controllers GAAP - correct answer Generally Accepted Accounting Principles GAAP aims to make information - correct answer relevant, reliable, comparable Relevant information ______________ decisions of users - correct answer affects Publicly trade companies - correct answer allow stock to be available to the general public EX: CFA Private trade companies - correct answer do not need to publish their statements and they are NOT open to the public The Accounting Equation - correct answer Assets = Liabilities + Equity Asset - correct answer anything you own, control, or provides you a future benefit ______ is the number one asset - correct answer CASH *asset must have cash value