ACCT 211 CH 1-3 questions with 100% correct answers

ACCT 211 CH 1-3 questions with 100% correct answersaccounting - correct answer An information and measurement system that identifies, records, and communicates relevant, reliable, and comparable information about an organization's business activities bookkeeping - correct answer The recording of transactions and events, either manually or electronically what is the language of business? - correct answer Accounting external users - correct answer Not directly involved in running the organization, Includes shareholders (investors), lenders, directors, customers, suppliers, regulators, lawyers, brokers, and the press. They have limited access to an organization's information financial accounting - correct answer The area of accounting aimed at serving external users by providing them with general-purpose financial statements. general-purpose - correct answer Refers to the broad range of purposes for which external users rely on these statements internal users - correct answer Those directly involved in managing and operating an organization in managing and operating an organization such as the chief executive officer (CEO), chief financial officer (CFO), chief audit executive (CAE), treasurer, and other executive and managerial-level employees. They use the information to help improve the efficiency and effectiveness of an organization. managerial accounting - correct answer The area of accounting that serves the decision-making needs of internal users ethics - correct answer Beliefs that distinguish right from wrong. They are accepted standards of good and bad behavior