ACC 1O1/102/202
ACC/FIN/110.
Accounting
CPA 2026/2027 BUSINESS
, D196 - Principles of Financial
and Managerial
AccountingnExam questions
with correct answers
2026/2027 Edition Graded A+
Managerial Accounting
accounting information prepared for use inside the company
Financial Accounting
accounting information prepared for the use of those outside the
company (investors, creditors, people interested in investing)
Bookkeeping
the recording of accounting transactions
Transaction
Any business activity that changes assets, liabilities, or owner's equity.
Three basic functions of an accounting system
analysis, bookkeeping, evaluations
Analysis
seeing what events should be captured in the accounting system
, bookkeeping
the recording of business transactions day to day
Evaluation
obtaining and using financial information to determine the health and
performance of a business
Accounting
quantitative information, primarily financial in nature, about economic
entities that is intended to be useful in making economic decisions
Decision Making Process
1. identify the issue
2. gather information
3. identify alternatives
4. select best option
capital/financing
money used to buy things in a business, it comes from 3 sources
investors (owners), creditors (lenders), the business earnings.
Accountants' Responsibilities
1. Measuring and reporting
2.Advising
annual report
a yearly statement of the financial condition, progress, and
expectations of an organization
ballance sheet
Reports the resources of a company (the assets), the company's
obligations (the liabilities), and the owners' equity, which represents
ACC/FIN/110.
Accounting
CPA 2026/2027 BUSINESS
, D196 - Principles of Financial
and Managerial
AccountingnExam questions
with correct answers
2026/2027 Edition Graded A+
Managerial Accounting
accounting information prepared for use inside the company
Financial Accounting
accounting information prepared for the use of those outside the
company (investors, creditors, people interested in investing)
Bookkeeping
the recording of accounting transactions
Transaction
Any business activity that changes assets, liabilities, or owner's equity.
Three basic functions of an accounting system
analysis, bookkeeping, evaluations
Analysis
seeing what events should be captured in the accounting system
, bookkeeping
the recording of business transactions day to day
Evaluation
obtaining and using financial information to determine the health and
performance of a business
Accounting
quantitative information, primarily financial in nature, about economic
entities that is intended to be useful in making economic decisions
Decision Making Process
1. identify the issue
2. gather information
3. identify alternatives
4. select best option
capital/financing
money used to buy things in a business, it comes from 3 sources
investors (owners), creditors (lenders), the business earnings.
Accountants' Responsibilities
1. Measuring and reporting
2.Advising
annual report
a yearly statement of the financial condition, progress, and
expectations of an organization
ballance sheet
Reports the resources of a company (the assets), the company's
obligations (the liabilities), and the owners' equity, which represents
