ACCOUNTING PRINCIPLES VOLUME 1
COMPLETE STUDY GUIDE AND FINANCIAL
ACCOUNTING BASICS REVIEW 2026
◉ Financial Accounting.
Answer: The field of accounting that focuses on providing
information for external decision makers.
◉ Managerial Accounting.
Answer: The field of accounting that focuses on providing
information for internal decision makers.
◉ Creditor.
Answer: Any person or business to whom a business owes money.
◉ Certified Public Accountant (CPAs).
Answer: Licensed professional accountants who serve the general
public.
◉ Controllers.
Answer: Compile financial statements, interact with auditors, and
oversee regulatory reporting.
, ◉ Financial analysts.
Answer: Review financial data and help to explain the story behind
the numbers.
◉ Business systems analysts.
Answer: Accounting knowledge to create computer systems.
◉ Tax accountants.
Answer: Help companies navigate tax laws.
◉ Auditors.
Answer: Perform reviews of companies to ensure compliance to
rules and regulations.
◉ Cost accountants.
Answer: Typically work in a manufacturing business. Help analyze
accounting data.
◉ Financial Accounting Standards Board (FASB).
Answer: The private organization that oversees the creation and
governance of accounting standards in the United States.
COMPLETE STUDY GUIDE AND FINANCIAL
ACCOUNTING BASICS REVIEW 2026
◉ Financial Accounting.
Answer: The field of accounting that focuses on providing
information for external decision makers.
◉ Managerial Accounting.
Answer: The field of accounting that focuses on providing
information for internal decision makers.
◉ Creditor.
Answer: Any person or business to whom a business owes money.
◉ Certified Public Accountant (CPAs).
Answer: Licensed professional accountants who serve the general
public.
◉ Controllers.
Answer: Compile financial statements, interact with auditors, and
oversee regulatory reporting.
, ◉ Financial analysts.
Answer: Review financial data and help to explain the story behind
the numbers.
◉ Business systems analysts.
Answer: Accounting knowledge to create computer systems.
◉ Tax accountants.
Answer: Help companies navigate tax laws.
◉ Auditors.
Answer: Perform reviews of companies to ensure compliance to
rules and regulations.
◉ Cost accountants.
Answer: Typically work in a manufacturing business. Help analyze
accounting data.
◉ Financial Accounting Standards Board (FASB).
Answer: The private organization that oversees the creation and
governance of accounting standards in the United States.