D196- Principles of Financial and
Managerial Accounting
day to day keeping of transcations - answers✔✔bookkeeping
identify issue
gather information
identify alternatives
select option that most likely results in desired objective - answers✔✔steps of decision making
analysis of events
record and report financial effects of business activities - answers✔✔accounting
investors
creditors(lenders)
business itself (from earnings retained) - answers✔✔where does capital come from (3)
financial and managerial - answers✔✔2 main types of accounting
gather and analysis of information for internal use and decision making. - answers✔✔managerial
accounting
gather, report, analysis of information for external users- investors and creditors. summary of a business
- answers✔✔financial accounting
product cost, breakeven analysis, budgeting, performance analysis, outsource production -
answers✔✔what does managerial accounting review
credit analysis, financial health, estimate value of the company - answers✔✔what does financial
accounting review
,annual report, financial statement, balance sheet, income statement, statement of cash flow -
answers✔✔examples of external financial reports for financial accounting
reports assets and liabilities. basic.
list as of a point in time. as of today, as of yesterday - answers✔✔balance sheet
how much did you ,ake
period of time - from nov to jan - answers✔✔income statement
where did the cash come from and where did the cash go
period of time - from nov to jan - answers✔✔statement of cash flow
lends money with intend to get it back plus interest. need current income, existing obligations, existing
assets, payroll stub, tax return, monthly payments, bank stmts - answers✔✔lender
buys into your company. looks at if the business is profitable, what they are buying, buying obligations,
potential future projections - answers✔✔investor
both financial and managerial - answers✔✔what forms will the manager of a business use
financial accounting standards board
private group, not govt agency, no legal authority, conducted of people from a variety of business
related backgrounds.
establishes financial accounting and reporting standards for private sector companies
1 of the two boards that make up GAAP - answers✔✔fasb- what does it stand for, who are they and
what do they do
governmental accounting standards board
sets accounting and financial reporting standards for state and legal governments.
, authority over financial reporting by government entities
1 of the two boards that make up GAAP - answers✔✔gasb- what does it stand for, who are they, what
do they do
generally accepted accounting principles - answers✔✔gaap
Securities and Exchange Commission
regulates us stock exchange. provides investors with full and fair information about publicly traded
companies.
legal punishment - answers✔✔sec
International Accounting Standards Board
develop international accounting standards. made up of members from many countries -
answers✔✔iasb
american institute of certified public accountants
administers the cpa exam.
enforces professional sanction by taking away cpa license when acted unethically. - answers✔✔aicpa
accumulate and report on financial information about performance, financial position, cash flow of a
business. used to reach decisions about how to manage the business, invest in it, or lend money to it -
answers✔✔role and purpose of accounting
statement of what they have and how they financed it at a specific point in time. - answers✔✔what is a
balance sheet
assets = liabilities + owners equity - answers✔✔balance sheet equation
what they own or control that will provide probable future benefits
cash, accts receivable, inventory, buildings, land. - answers✔✔what are assets and examples
Managerial Accounting
day to day keeping of transcations - answers✔✔bookkeeping
identify issue
gather information
identify alternatives
select option that most likely results in desired objective - answers✔✔steps of decision making
analysis of events
record and report financial effects of business activities - answers✔✔accounting
investors
creditors(lenders)
business itself (from earnings retained) - answers✔✔where does capital come from (3)
financial and managerial - answers✔✔2 main types of accounting
gather and analysis of information for internal use and decision making. - answers✔✔managerial
accounting
gather, report, analysis of information for external users- investors and creditors. summary of a business
- answers✔✔financial accounting
product cost, breakeven analysis, budgeting, performance analysis, outsource production -
answers✔✔what does managerial accounting review
credit analysis, financial health, estimate value of the company - answers✔✔what does financial
accounting review
,annual report, financial statement, balance sheet, income statement, statement of cash flow -
answers✔✔examples of external financial reports for financial accounting
reports assets and liabilities. basic.
list as of a point in time. as of today, as of yesterday - answers✔✔balance sheet
how much did you ,ake
period of time - from nov to jan - answers✔✔income statement
where did the cash come from and where did the cash go
period of time - from nov to jan - answers✔✔statement of cash flow
lends money with intend to get it back plus interest. need current income, existing obligations, existing
assets, payroll stub, tax return, monthly payments, bank stmts - answers✔✔lender
buys into your company. looks at if the business is profitable, what they are buying, buying obligations,
potential future projections - answers✔✔investor
both financial and managerial - answers✔✔what forms will the manager of a business use
financial accounting standards board
private group, not govt agency, no legal authority, conducted of people from a variety of business
related backgrounds.
establishes financial accounting and reporting standards for private sector companies
1 of the two boards that make up GAAP - answers✔✔fasb- what does it stand for, who are they and
what do they do
governmental accounting standards board
sets accounting and financial reporting standards for state and legal governments.
, authority over financial reporting by government entities
1 of the two boards that make up GAAP - answers✔✔gasb- what does it stand for, who are they, what
do they do
generally accepted accounting principles - answers✔✔gaap
Securities and Exchange Commission
regulates us stock exchange. provides investors with full and fair information about publicly traded
companies.
legal punishment - answers✔✔sec
International Accounting Standards Board
develop international accounting standards. made up of members from many countries -
answers✔✔iasb
american institute of certified public accountants
administers the cpa exam.
enforces professional sanction by taking away cpa license when acted unethically. - answers✔✔aicpa
accumulate and report on financial information about performance, financial position, cash flow of a
business. used to reach decisions about how to manage the business, invest in it, or lend money to it -
answers✔✔role and purpose of accounting
statement of what they have and how they financed it at a specific point in time. - answers✔✔what is a
balance sheet
assets = liabilities + owners equity - answers✔✔balance sheet equation
what they own or control that will provide probable future benefits
cash, accts receivable, inventory, buildings, land. - answers✔✔what are assets and examples
