ACCY 201 - Test 1 - Ole Miss – Burney
2025/2026 Exam Questions Marking
Scheme New Update | A+ Rated
an information and measurement system that identifies, records, and communicates
relevant, reliable, and comparable information about an organization's business
activities. - 🧠 ANSWER ✔✔accounting
the area of accounting aimed at serving external users by providing them with
general-purpose financial statements. - 🧠 ANSWER ✔✔financial accounting
the area of accounting that serves the decision-making needs of internal users. - 🧠
ANSWER ✔✔managerial accounting
opportunity
pressure
rationalization - 🧠 ANSWER ✔✔fraud triangle
COPYRIGHT©PROFFKERRYMARTIN 2025/2026. YEAR PUBLISHED 2025. COMPANY REGISTRATION NUMBER: 619652435. TERMS OF USE.
PRIVACY STATEMENT. ALL RIGHTS RESERVED
, a framework of accounting standards, rules and procedures defined by the
professional accounting industry, which has been adopted by nearly all publicly
traded U.S. companies. - 🧠 ANSWER ✔✔generally accepted accounting principles
(GAAP)
a government agency that has the legal authority to set GAAP and also oversees
proper use of GAAP by companies hat raise money from the public through
issuances of their stock and debt. - 🧠 ANSWER ✔✔securities and exchange
commission (SEC)
private-sector group that sets both broad and specific principles. setting U.S.
GAAP is delegated to this group. - 🧠 ANSWER ✔✔financial accounting standards
board (FASB)
an independent group consisting of individuals from many countries that issues
international financial reporting standards. - 🧠 ANSWER ✔✔international
accounting standards board (IASB)
standards that identify preferred accounting practices. - 🧠 ANSWER
✔✔international financial reporting standards (IFRS)
COPYRIGHT©PROFFKERRYMARTIN 2025/2026. YEAR PUBLISHED 2025. COMPANY REGISTRATION NUMBER: 619652435. TERMS OF USE.
PRIVACY STATEMENT. ALL RIGHTS RESERVED
2025/2026 Exam Questions Marking
Scheme New Update | A+ Rated
an information and measurement system that identifies, records, and communicates
relevant, reliable, and comparable information about an organization's business
activities. - 🧠 ANSWER ✔✔accounting
the area of accounting aimed at serving external users by providing them with
general-purpose financial statements. - 🧠 ANSWER ✔✔financial accounting
the area of accounting that serves the decision-making needs of internal users. - 🧠
ANSWER ✔✔managerial accounting
opportunity
pressure
rationalization - 🧠 ANSWER ✔✔fraud triangle
COPYRIGHT©PROFFKERRYMARTIN 2025/2026. YEAR PUBLISHED 2025. COMPANY REGISTRATION NUMBER: 619652435. TERMS OF USE.
PRIVACY STATEMENT. ALL RIGHTS RESERVED
, a framework of accounting standards, rules and procedures defined by the
professional accounting industry, which has been adopted by nearly all publicly
traded U.S. companies. - 🧠 ANSWER ✔✔generally accepted accounting principles
(GAAP)
a government agency that has the legal authority to set GAAP and also oversees
proper use of GAAP by companies hat raise money from the public through
issuances of their stock and debt. - 🧠 ANSWER ✔✔securities and exchange
commission (SEC)
private-sector group that sets both broad and specific principles. setting U.S.
GAAP is delegated to this group. - 🧠 ANSWER ✔✔financial accounting standards
board (FASB)
an independent group consisting of individuals from many countries that issues
international financial reporting standards. - 🧠 ANSWER ✔✔international
accounting standards board (IASB)
standards that identify preferred accounting practices. - 🧠 ANSWER
✔✔international financial reporting standards (IFRS)
COPYRIGHT©PROFFKERRYMARTIN 2025/2026. YEAR PUBLISHED 2025. COMPANY REGISTRATION NUMBER: 619652435. TERMS OF USE.
PRIVACY STATEMENT. ALL RIGHTS RESERVED
