D196 PRINCIPLES OF FINANCIAL &
MANAGERIAL ACCOUNTING | COMPLETE
STUDY GUIDE & PRACTICE QUESTIONS
| GRADED A+ | GUARANTEED SUCCESS
Updated 2026 Questions and Answers
100% Verified Exam Prep
,bookkeeping day to day keeping of transcations
steps of decision making identify issue
gather information
identify alternatives
select option that most likely results in desired objective
accounting analysis of events
record and report financial effects of business activities
where does capital come from (3) investors
creditors(lenders)
business itself (from earnings retained)
2 main types of accounting financial and managerial
managerial accounting gather and analysis of information for internal use and decision making.
financial accounting gather, report, analysis of information for external users- investors and creditors.
summary of a business
,what does managerial accounting review product cost, breakeven analysis, budgeting, performance analysis, outsource
production
what does financial accounting review credit analysis, financial health, estimate value of the company
examples of external financial reports for financial annual report, financial statement, balance sheet, income statement, statement
accounting of cash flow
balance sheet reports assets and liabilities. basic.
list as of a point in time. as of today, as of yesterday
income statement how much did you ,ake
period of time - from nov to jan
statement of cash flow where did the cash come from and where did the cash go
period of time - from nov to jan
lender 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 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 both financial and managerial
fasb- what does it stand for, who are they and what do financial accounting standards board
they do 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 governmental accounting standards board
do 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 generally accepted accounting principles
sec Securities and Exchange Commission
regulates us stock exchange. provides investors with full and fair information
about publicly traded companies.
legal punishment
MANAGERIAL ACCOUNTING | COMPLETE
STUDY GUIDE & PRACTICE QUESTIONS
| GRADED A+ | GUARANTEED SUCCESS
Updated 2026 Questions and Answers
100% Verified Exam Prep
,bookkeeping day to day keeping of transcations
steps of decision making identify issue
gather information
identify alternatives
select option that most likely results in desired objective
accounting analysis of events
record and report financial effects of business activities
where does capital come from (3) investors
creditors(lenders)
business itself (from earnings retained)
2 main types of accounting financial and managerial
managerial accounting gather and analysis of information for internal use and decision making.
financial accounting gather, report, analysis of information for external users- investors and creditors.
summary of a business
,what does managerial accounting review product cost, breakeven analysis, budgeting, performance analysis, outsource
production
what does financial accounting review credit analysis, financial health, estimate value of the company
examples of external financial reports for financial annual report, financial statement, balance sheet, income statement, statement
accounting of cash flow
balance sheet reports assets and liabilities. basic.
list as of a point in time. as of today, as of yesterday
income statement how much did you ,ake
period of time - from nov to jan
statement of cash flow where did the cash come from and where did the cash go
period of time - from nov to jan
lender 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 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 both financial and managerial
fasb- what does it stand for, who are they and what do financial accounting standards board
they do 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 governmental accounting standards board
do 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 generally accepted accounting principles
sec Securities and Exchange Commission
regulates us stock exchange. provides investors with full and fair information
about publicly traded companies.
legal punishment
