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Exam (elaborations)

ACCOUNTING QUESTIONS WITH CORRECT ANSWERS 2025

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ACCOUNTING QUESTIONS WITH CORRECT ANSWERS 2025

Institution
Accounting And Financial Reporting
Course
Accounting And Financial Reporting








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Institution
Accounting And Financial Reporting
Course
Accounting And Financial Reporting

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Uploaded on
February 21, 2025
Number of pages
4
Written in
2024/2025
Type
Exam (elaborations)
Contains
Questions & answers

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  • accounting questions with correct answers 2025

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ACCOUNTING QUESTIONS WITH
CORRECT ANSWERS 2025
WhatGisGaccounting?G-GCORRECTGANSWERG-
AccountingGisGtheGinformationGsystemGthatGmeasuresGbusinessGactivities,GprocessesGtheGinformationGintoG
reports,GandGcommunicatesGtheGresultsGtoGdecisionGmakers.GAccountingGisGtheGlanguageGofGbusiness.



BrieflyGdescribeGtheGtwoGmajorGfieldsGofGaccounting.G-GCORRECTGANSWERG-
FinancialGaccountingGprovidesGinformationGforGexternalGdecisionGmakers,GsuchGasGoutsideGinvestors,Glend
ers,Gcustomers,GandGtheGfederalGgovernment.GManagerialGaccountingGfocusesGonGinformationGforGinternal
GdecisionGmakers,GsuchGasGtheGcompany'sGmanagersGandGemployees.




DescribeGtheGvariousGtypesGofGindividualsGwhoGuseGaccountingGinformationGandGhowGtheyGuseGthatGinfor
mationGtoGmakeGimportantGdecisions.G-GCORRECTGANSWERG-
IndividualsGuseGaccountingGinformationGtoGhelpGthemGmanageGtheirGmoney,GevaluateGaGnewGjob,GandGbet
terGdecideGwhetherGtheyGcanGaffordGtoGmakeGaGnewGpurchase.GBusinessGownersGuseGaccountingGinformati
onGtoGsetGgoals,GmeasureGprogressGtowardGthoseGgoals,GandGmakeGadjustmentsGwhenGneeded.GInvestorsG
useGaccountingGinformationGtoGhelpGthemGdecideGwhetherGorGnotGaGcompanyGisGaGgoodGinvestmentGandG

onceGtheyGhaveGinvested,GtheyGuseGaGcompany'sGfinancialGstatementsGtoGanalyzeGhowGtheirGinvestmentGis
Gperforming.GCreditorsGuseGaccountingGinformationGtoGdecideGwhetherGtoGlendGmoneyGtoGaGbusinessGandG

toGevaluateGaGcompany'sGabilityGtoGmakeGtheGloanGpayments.GTaxingGauthoritiesGuseGaccountingGinformati
onGtoGcalculateGtheGamountGofGincomeGtaxGthatGaGcompanyGhasGtoGpay.



WhatGareGtwoGcertificationsGavailableGforGaccountants?BrieflyGexplainGeachGcertification.G-
GCORRECTGANSWERG-

CertifiedGPublicGAccountantsG(CPAs)GareGlicensedGprofessionalGaccountantsGwhoGserveGtheGgeneralGpublic.
GTheyGworkGforGpublicGaccountingGfirms,Gbusinesses,Ggovernment,GorGeducationalGinstitutions.GToGbeGcerti

fiedGtheyGmustGmeetGeducationalGand/orGexperienceGrequirementsGandGpassGanGexam.G



CertifiedGManagementGAccountantsG(CMAs)GspecializeGinGaccountingGandGfinancialGmanagementGknowle
dge.GTheyGworkGforGaGsingleGcompany.



WhatGisGtheGroleGofGtheGFinancialGAccountingGStandardsGBoardG(FASB)?G-GCORRECTGANSWERG-
TheGFASBGoverseesGtheGcreationGandGgovernanceGofGaccountingGstandards.GTheyGworkGwithGgovernmenta
lGregulatoryGagencies,GcongressionallyGcreatedGgroups,GandGprivateGgroups.
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