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Exam (elaborations)

ACC 101 Exam quizzes and answers well graded A+

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ACC 101 Exam quizzes and answers well graded A+

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ACC 101








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ACC 101 Exam quizzes and answers
well graded A+
Accounting - ANS✅✅Identifies, records and communicates economic events of an organization to
interested users.

Identify-Record-Communicate-Analyze



Internal users - ANS✅✅Runners of a business



External users - ANS✅✅Outside representatives who want info on a companies' finance.
(Creditors, government, customers)



GAAP - ANS✅✅Generally Accepted Accounting Principles



IFRS - ANS✅✅International Financial Reporting Standards



Historical Cost Principle - ANS✅✅Companies record assets at their original cost.



Fair Value Principle - ANS✅✅Companies record assets at price received to sell or settle.



FASB - ANS✅✅Financial Accounting Standards Board. (Creates GAAP rules)



IASB - ANS✅✅International Accounting Standards Board.( Creates IFRS rules)



CPA - ANS✅✅Certified Public Accountant. Services provided for the public



Private Accountant - ANS✅✅Services to a specific company



Monetary Unit Assumption - ANS✅✅All units dealing with money



Creditors - ANS✅✅Suppliers and bankers for companies
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