ACCY 201 TEST 1 BURNEY EXAMINATION TEST QUESTIONS ANSWERS ACCURATE REVIEW SHEET GRADED A+

ACCY 201 TEST 1 BURNEY EXAMINATION
TEST QUESTIONS ANSWERS ACCURATE
REVIEW SHEET GRADED A+

●● financial accounting
Answer: accounting that focuses on the needs of *external* users


●● managerial accounting
Answer: accounting that focuses on the needs of *internal* users


●● external users
Answer: do not directly run the organization and have limited access to
its accounting info
- lenders (creditors)
- shareholders (investors)
- regulators
- gov officials
- suppliers
- customers


●● internal users
Answer: directly manage the organization

, - managers


●● private accounting
Answer: accountants working for businesses


●● public accounting
Answer: accounting services such as auditing and taxation


●● CPA
Answer: certified public accountant


●● SOX
Answer: - passed by Congress to to help stop financial abuses
- requires documentation and verification of internal controls and
emphasizes effective internal controls


●● GAAP
Answer: generally accepted accounting principles
- info must have relevance and faithful representation


●● FASB
Answer: Financial Accounting Standards Board