Financial Accounting - Exam 1 Questions And Answers

Financial Accounting - Exam 1 Questions
And Answers

Users of accounting information may be both __________ and ___________. internal and

external




Internal Users Management, Employees, Owners




External Users Creditors, Tax Authorities, Investors, Customers, Regulatory Authorities




Financial Accounting focuses primarily on

___________________________________________________________________________.

reporting financial information related to the financial position of the company, the results

of its operations, and its cash flows to EXTERNAL users.




Managerial Accounting focuses on

______________________________________________________________________________

_______________. the processes that generate information that can be used by

INTERNAL management and employees to make better decisions about the day-to-day

operations of the company

, Financial Accounting - Exam 1 Questions
And Answers
Public accounting firms offer expert service to the general public through the services

they preform




Assurance or Auditing an independent certified public accountant (CPA) examines the

financial statements of companies and expresses an opinion as to the fairness of presentation




Taxation Tax specialists provide tax advice and planning, prepare tax returns, and

represent clients before gov. agencies.




Advisory Services assist in the installation of basic accounting and internal control

systems (financial services, information technology, and management advisory services)




Public accounting jobs include: advisory services, taxation, public accounting firms, and

assurance/auditing




Corporate accounting jobs include: general accountants, cost accountants, controllers,

financial analysts, system analysts, internal auditors, and tax managers