FIU ACG 4101 Kenneth Henry chapters 1-12
EXAM 3 Questions With Correct Answers
financial accounting.
|
provides relevant financial information to various external users.
| | | | | | |
financial reporting
|
process of providing financial statement information to external users.
| | | | | | | |
capital markets
|
mechanisms that foster the allocation of resources efficiently.
| | | | | | |
corporation
dominant form of business organization that acquires capital from
| | | | | | | | |
investors in exchange for ownership interest and from creditors by
| | | | | | | | | |
borrowing.
,rate of return
| |
(Dividends+Share price appreciation)/initial investment
| | |
Accural Accounting
|
measures income according to the entity's accomplishments and
| | | | | | | |
resource sacrifices during the period from transactions related to
| | | | | | | | |
providing goods and services to customers, regardless of when cash is
| | | | | | | | | | |
received or paid. | |
cash-basis accounting |
measures income as the difference between cash receipts and cash
| | | | | | | | | |
disbursements during a reporting period from transactions related to
| | | | | | | | |
providing goods and services to customers.
| | | | |
Net operating cash flow
| | |
difference between cash receipts and cash disbursements from
| | | | | | | |
providing goods and services.
| | |
,Net income|
all revenues and gains minus all expenses and losses reported in the
| | | | | | | | | | | |
income statement. |
Generally accepted accounting principles
| | |
set of both broad and specific guidelines that companies should follow
| | | | | | | | | | |
when measuring and reporting the information in their financial
| | | | | | | | |
statements and related notes. | | |
Securities and Exchange Commission
| | |
has the authority to set accounting standards for companies, but it
| | | | | | | | | | |
relies on the private sector to do so.
| | | | | | |
Committee on Accounting Procedure (CAP)
| | | |
first private sector body that was delegated the task of setting
| | | | | | | | | | |
accounting standards. |
American Institute of Accountants (AIA)
| | | |
, national organization of professional public accountants.
| | | | |
American Institute of Certified Public Accountants (AICPA)
| | | | | |
national organization of professional public accountants.
| | | | |
Accounting Principles Board (APB)
| | |
the second private sector body delegated the task of setting accounting
| | | | | | | | | | |
standards.
Financial Accounting Standards Board (FASB)
| | | |
the current private sector body that has been delegated the task of
| | | | | | | | | | | |
setting accounting standards.
| |
Emerging Issues Task Force (EITF)
| | | |
Responsible for providing timely responses to emerging financial
| | | | | | | |
reporting issues. |
EXAM 3 Questions With Correct Answers
financial accounting.
|
provides relevant financial information to various external users.
| | | | | | |
financial reporting
|
process of providing financial statement information to external users.
| | | | | | | |
capital markets
|
mechanisms that foster the allocation of resources efficiently.
| | | | | | |
corporation
dominant form of business organization that acquires capital from
| | | | | | | | |
investors in exchange for ownership interest and from creditors by
| | | | | | | | | |
borrowing.
,rate of return
| |
(Dividends+Share price appreciation)/initial investment
| | |
Accural Accounting
|
measures income according to the entity's accomplishments and
| | | | | | | |
resource sacrifices during the period from transactions related to
| | | | | | | | |
providing goods and services to customers, regardless of when cash is
| | | | | | | | | | |
received or paid. | |
cash-basis accounting |
measures income as the difference between cash receipts and cash
| | | | | | | | | |
disbursements during a reporting period from transactions related to
| | | | | | | | |
providing goods and services to customers.
| | | | |
Net operating cash flow
| | |
difference between cash receipts and cash disbursements from
| | | | | | | |
providing goods and services.
| | |
,Net income|
all revenues and gains minus all expenses and losses reported in the
| | | | | | | | | | | |
income statement. |
Generally accepted accounting principles
| | |
set of both broad and specific guidelines that companies should follow
| | | | | | | | | | |
when measuring and reporting the information in their financial
| | | | | | | | |
statements and related notes. | | |
Securities and Exchange Commission
| | |
has the authority to set accounting standards for companies, but it
| | | | | | | | | | |
relies on the private sector to do so.
| | | | | | |
Committee on Accounting Procedure (CAP)
| | | |
first private sector body that was delegated the task of setting
| | | | | | | | | | |
accounting standards. |
American Institute of Accountants (AIA)
| | | |
, national organization of professional public accountants.
| | | | |
American Institute of Certified Public Accountants (AICPA)
| | | | | |
national organization of professional public accountants.
| | | | |
Accounting Principles Board (APB)
| | |
the second private sector body delegated the task of setting accounting
| | | | | | | | | | |
standards.
Financial Accounting Standards Board (FASB)
| | | |
the current private sector body that has been delegated the task of
| | | | | | | | | | | |
setting accounting standards.
| |
Emerging Issues Task Force (EITF)
| | | |
Responsible for providing timely responses to emerging financial
| | | | | | | |
reporting issues. |
