FINANCIAL AND MANAGERIAL ACCOUNTING
BY JOHN WILD EXAM 2026 COMPLETE
QUESTION SET AND CORRECT ANSWERS
GRADED A PLUS
◉ steps of decision making.
Answer: identify issue
gather information
identify alternatives
select option that most likely results in desired objective
◉ accounting.
Answer: analysis of events
record and report financial effects of business activities
◉ where does capital come from (3).
Answer: investors
creditors(lenders)
business itself (from earnings retained)
◉ 2 main types of accounting.
,Answer: financial and managerial
◉ managerial accounting.
Answer: gather and analysis of information for internal use and
decision making.
◉ financial accounting.
Answer: gather, report, analysis of information for external users-
investors and creditors. summary of a business
◉ what does managerial accounting review.
Answer: product cost, breakeven analysis, budgeting, performance
analysis, outsource production
◉ what does financial accounting review.
Answer: credit analysis, financial health, estimate value of the
company
◉ examples of external financial reports for financial accounting.
Answer: annual report, financial statement, balance sheet, income
statement, statement of cash flow
◉ balance sheet.
,Answer: reports assets and liabilities. basic.
list as of a point in time. as of today, as of yesterday
◉ income statement.
Answer: how much did you ,ake
period of time - from nov to jan
◉ statement of cash flow.
Answer: where did the cash come from and where did the cash go
period of time - from nov to jan
◉ lender.
Answer: 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
◉ investor.
Answer: buys into your company. looks at if the business is
profitable, what they are buying, buying obligations, potential future
projections
◉ what forms will the manager of a business use.
Answer: both financial and managerial
, ◉ fasb- what does it stand for, who are they and what do they do.
Answer: 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
◉ gasb- what does it stand for, who are they, what do they do.
Answer: 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
◉ gaap.
Answer: generally accepted accounting principles
◉ sec.
Answer: Securities and Exchange Commission
regulates us stock exchange. provides investors with full and fair
information about publicly traded companies.
BY JOHN WILD EXAM 2026 COMPLETE
QUESTION SET AND CORRECT ANSWERS
GRADED A PLUS
◉ steps of decision making.
Answer: identify issue
gather information
identify alternatives
select option that most likely results in desired objective
◉ accounting.
Answer: analysis of events
record and report financial effects of business activities
◉ where does capital come from (3).
Answer: investors
creditors(lenders)
business itself (from earnings retained)
◉ 2 main types of accounting.
,Answer: financial and managerial
◉ managerial accounting.
Answer: gather and analysis of information for internal use and
decision making.
◉ financial accounting.
Answer: gather, report, analysis of information for external users-
investors and creditors. summary of a business
◉ what does managerial accounting review.
Answer: product cost, breakeven analysis, budgeting, performance
analysis, outsource production
◉ what does financial accounting review.
Answer: credit analysis, financial health, estimate value of the
company
◉ examples of external financial reports for financial accounting.
Answer: annual report, financial statement, balance sheet, income
statement, statement of cash flow
◉ balance sheet.
,Answer: reports assets and liabilities. basic.
list as of a point in time. as of today, as of yesterday
◉ income statement.
Answer: how much did you ,ake
period of time - from nov to jan
◉ statement of cash flow.
Answer: where did the cash come from and where did the cash go
period of time - from nov to jan
◉ lender.
Answer: 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
◉ investor.
Answer: buys into your company. looks at if the business is
profitable, what they are buying, buying obligations, potential future
projections
◉ what forms will the manager of a business use.
Answer: both financial and managerial
, ◉ fasb- what does it stand for, who are they and what do they do.
Answer: 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
◉ gasb- what does it stand for, who are they, what do they do.
Answer: 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
◉ gaap.
Answer: generally accepted accounting principles
◉ sec.
Answer: Securities and Exchange Commission
regulates us stock exchange. provides investors with full and fair
information about publicly traded companies.
