Principles of Financial and Managerial Accounting - D196 Already Passed 2024 updated questions and answers

Principles of Financial and Managerial Accounting - D196 Already Passed 2024 updated questions and answers What are the three functions of Accounting Systems - CORRECT ANSWERS Analysis of events, routing book keeping, and structuring data for evaluation Why do you structure the information in accounting systems - CORRECT ANSWERS used to evaluate the performance and health of a business What does it mean to analyze a business - CORRECT ANSWERS determine if the information should be captured by accounting systems What is Bookkeepings? - CORRECT ANSWERS Day-to-Day keeping track of things What is the decision making process? - CORRECT ANSWERS 1. Identify the issue 2. gather information 3. identify alternatives 4. select the option that will most likely result in desired objective What is a business? - CORRECT ANSWERS an organization operated to make a profit from the sale of goods and services. What is a non profit organization? - CORRECT ANSWERS an entity without a profit objective, oriented toward providing services efficiently and effectively What are the resources businesses need to pursue an objective? - CORRECT ANSWERS buildings, machines, cash, trained workforce What is the money called to buy resources businesses need? - CORRECT ANSWERS capital or financing Where does capital come from? - CORRECT ANSWERS investors creditors(lenders) business itself (from earnings retained) What is revenues? - CORRECT ANSWERS the amount of assets created through the sale of goods and services What are the two primary areas of accounting? - CORRECT ANSWERS managerial and financial What is managerial accounting? - CORRECT ANSWERS gathering and analysis of information for the purpose of internal decision making. What is financial accounting? - CORRECT ANSWERS the gathering and reporting, and analysis of information primarily for the benefit of external users such as investors and creditors What are the tasks of a managerial accountant? - CORRECT ANSWERS Product Cost breakeven analysis budgeting performance evaluation outsource production What are the tasks of financial accountant? - CORRECT ANSWERS credit analysis regulatory users estimate value of a company External Financial Reports - CORRECT ANSWERS include th