D196 Study Guide ACTUAL UPDATED QUESTIONS AND CORRECT ANSWERS
What is the role and purpose of accounting? Accounting is used to accumulate, measure, and communicate financial
information about organizations. This information is used to make informed
decisions regarding resource usage and allocation.
Who uses accounting information and why? Managerial Accounting: Internal decision making (managers, CEO's, supervisors,
etc.)
Financial Accounting: External user benefit (stakeholders, investors, tax authorities,
etc.)
What are important influences on Accounting? Development of GAAP by FASB in the U.S. and by the IASB worldwide.
International business considerations, ethical considerations.
What is the role of ethics in Accounting? Accountants are seen by the public as ensuring that misrepresentation of financial
information does not occur.
What is the role and purpose of accounting? Accounting is used to accumulate, measure, and communicate financial
information about organizations. This information is used to make informed
decisions regarding resource usage and allocation.
Who uses accounting information and why? Managerial Accounting: Internal decision making (managers, CEO's, supervisors,
etc.)
Financial Accounting: External user benefit (stakeholders, investors, tax authorities,
etc.)
What are important influences on Accounting? Development of GAAP by FASB in the U.S. and by the IASB worldwide.
International business considerations, ethical considerations.
What is the role of ethics in Accounting? Accountants are seen by the public as ensuring that misrepresentation of financial
information does not occur.
