ACCOUNTING 211 Liberty University -Accounting 211 Quiz- Chapters 1 & 2

Accounting 211 Quiz- Chapters 1 & 2accounting - correct answer an information and measurement system that identifies, records, and communicates relevant, reliable, and comparable info about an organization's business activities external users - correct answer not directly involved in running organization (investors, lenders, suppliers, lawyers, customers) financial accounting aimed at - correct answer external users internal users - correct answer directly involved in managing/operating an organization (CEO, CFO, CAE, treasurer) managerial accounting aimed at - correct answer internal users private accounting (employees) take up: - correct answer 58%, largest opportunity fraud triangle contains: - correct answer opportunity, rationalization, financial pressure (ALL 3 MUST EXIST) GAAP - correct answer GENERALLY ACCEPTED ACCOUNTING PRINCIPLES: aims to make info RELEVANT, RELIABLE, COMPARABLE SEC - correct answer SECURITIES/EXCHANGE COMMISSION, has authority to set GAAP general accounting principles - correct answer basic assumptions, concepts, guidelines for preparing financial statements specific accounting principles - correct answer detailed rules used in reporting business transactions and events