GMU MBUS 300 Exam 1 Study Guide
questions n correct answers
Market - ANS ✔✔Is a group of people or entities organized to exchange items of value
The three market for business resources participants - ANS ✔✔Consumers: Use Resources
Businesses: Transform Resources
Resource owners: Control and distribute resources
Investors - ANS ✔✔Provide financial resources in exchange for ownership interests in
businesses
Creditors - ANS ✔✔Lend financial resources to businesses
Physical Resources - ANS ✔✔Natural resources businesses transform to create more valuable
resources.
Labor resources - ANS ✔✔people who make the goods and services for which they are paid
includes intellectual and physical labor
Stakeholders - ANS ✔✔The many users of accounting information includes providers, financial
analyst, brokers, attorneys, government regulators, and news reporters.
Link between businesses and stakeholders - ANS ✔✔It's indirect
Accounting information needed by external users is provided by... - ANS ✔✔financial accounting
, Not-for-profit entities - ANS ✔✔organizations that are not motivated by profit
Finacial Accounting Standards Board (FASB) - ANS ✔✔A privately funded organization with the
primary authority for establishing accounting standards in the United States.
GAAP - ANS ✔✔Generally accepted accounting principles(Measurement rules established by
the FASB)
IASB - ANS ✔✔International Accounting Standards Board
IFRS - ANS ✔✔International Financial Reporting Standards
CPA - ANS ✔✔certified public accountant
CPA 3 services - ANS ✔✔Audit services: involves examining a company's accounting records in
order to issue an opinion whether the company's financial statement conform to GAAP
Tax services: determining the amount of tax and tax planning
Consulting services: Wide range of activities that include installing computerized accounting to
providing personal financial advice.
CPA Requirements - ANS ✔✔college education, pass a technical examination, and obtain work
experience relevant to practicing public accounting
Private accountants certifications - ANS ✔✔Certified Management Accounting (CMA) and
Certified Internal Auditor (CIA)
questions n correct answers
Market - ANS ✔✔Is a group of people or entities organized to exchange items of value
The three market for business resources participants - ANS ✔✔Consumers: Use Resources
Businesses: Transform Resources
Resource owners: Control and distribute resources
Investors - ANS ✔✔Provide financial resources in exchange for ownership interests in
businesses
Creditors - ANS ✔✔Lend financial resources to businesses
Physical Resources - ANS ✔✔Natural resources businesses transform to create more valuable
resources.
Labor resources - ANS ✔✔people who make the goods and services for which they are paid
includes intellectual and physical labor
Stakeholders - ANS ✔✔The many users of accounting information includes providers, financial
analyst, brokers, attorneys, government regulators, and news reporters.
Link between businesses and stakeholders - ANS ✔✔It's indirect
Accounting information needed by external users is provided by... - ANS ✔✔financial accounting
, Not-for-profit entities - ANS ✔✔organizations that are not motivated by profit
Finacial Accounting Standards Board (FASB) - ANS ✔✔A privately funded organization with the
primary authority for establishing accounting standards in the United States.
GAAP - ANS ✔✔Generally accepted accounting principles(Measurement rules established by
the FASB)
IASB - ANS ✔✔International Accounting Standards Board
IFRS - ANS ✔✔International Financial Reporting Standards
CPA - ANS ✔✔certified public accountant
CPA 3 services - ANS ✔✔Audit services: involves examining a company's accounting records in
order to issue an opinion whether the company's financial statement conform to GAAP
Tax services: determining the amount of tax and tax planning
Consulting services: Wide range of activities that include installing computerized accounting to
providing personal financial advice.
CPA Requirements - ANS ✔✔college education, pass a technical examination, and obtain work
experience relevant to practicing public accounting
Private accountants certifications - ANS ✔✔Certified Management Accounting (CMA) and
Certified Internal Auditor (CIA)
