Intermediate Accounting - Test 1 - Multiple Choice with 100% Correct Answers| Graded A+

Financial - Financial statements used both externally and internally Managerial - For management to plan, control, evaluate Objective of Financial Reporting - Provide financial info about the reporting entity that is useful to present and potential equity investors, lenders, and other creditors in decisions about providing resources to the entity general-purpose financial statements - most useful at least cost entity perspective - company is separate and distinct form owners decision usefulness - helps interested parties make good decisions GAAP - common set of standards and procedures SEC - federal agency to administer the Securities Acts, requires GAAP to be followed, but gets involved with standard setting by influencing it and sometimes setting its own