Intermediate Accounting Exam 1 Questions and answers with Complete Solutions | 100% Pass

Intermediate Accounting Exam 1 Questions and answers with Complete Solutions | 100% Pass The process that culminates in the preparation of financial reports on the enterprise for use by both internal and external parties - Financial accounting The process of identifying, measuring, analyzing, and communicating financial information needed by management to plan, control, and evaluate a company's operations - Managerial accounting What are the 4 types of financial statements? - 1. Balance sheet 2. Income statement 3. Statement of cash flows 4. Statement of owners or stockholders equity Examples include the president's letter or supplementary schedules in the corporate annual report, prospectuses, reports filed with government agencies, news releases, management's forecasts, and social or environmental impact statements - Financial reporting The financial information a company provides to help users with capital allocation decisions about the company - Financial reporting