ACCY 201 - test 1 - Ole Miss – Burney || QUESTIONS
WITH ALL PASSED ANSWERS!!
accounting correct answers an information and measurement system that identifies, records,
and communicates relevant, reliable, and comparable information about an organization's
business activities.
financial accounting correct answers the area of accounting aimed at serving external users
by providing them with general-purpose financial statements.
managerial accounting correct answers the area of accounting that serves the decision-making
needs of internal users.
fraud triangle correct answers opportunity
pressure
rationalization
generally accepted accounting principles (GAAP) correct answers a framework of accounting
standards, rules and procedures defined by the professional accounting industry, which has
been adopted by nearly all publicly traded U.S. companies.
securities and exchange commission (SEC) correct answers a government agency that has the
legal authority to set GAAP and also oversees proper use of GAAP by companies hat raise
money from the public through issuances of their stock and debt.
financial accounting standards board (FASB) correct answers private-sector group that sets
both broad and specific principles. setting U.S. GAAP is delegated to this group.
international accounting standards board (IASB) correct answers an independent group
consisting of individuals from many countries that issues international financial reporting
standards.
international financial reporting standards (IFRS) correct answers standards that identify
preferred accounting practices.
general accounting principles correct answers the basic assumptions, concepts, and guidelines
for preparing financial statements.
cost principle correct answers prescribes that accounting information is based on actual cost
(with a potential for subsequent adjustments to market).
revenue recognition principle correct answers provides guidance on when a company must
recognize revenue.
matching principle correct answers prescribes that a company record the expenses it incurred
to generate the revenue reported.
full disclosure principle correct answers prescribes that a company report the details behind
financial statements that would impact users' decisions.
WITH ALL PASSED ANSWERS!!
accounting correct answers an information and measurement system that identifies, records,
and communicates relevant, reliable, and comparable information about an organization's
business activities.
financial accounting correct answers the area of accounting aimed at serving external users
by providing them with general-purpose financial statements.
managerial accounting correct answers the area of accounting that serves the decision-making
needs of internal users.
fraud triangle correct answers opportunity
pressure
rationalization
generally accepted accounting principles (GAAP) correct answers a framework of accounting
standards, rules and procedures defined by the professional accounting industry, which has
been adopted by nearly all publicly traded U.S. companies.
securities and exchange commission (SEC) correct answers a government agency that has the
legal authority to set GAAP and also oversees proper use of GAAP by companies hat raise
money from the public through issuances of their stock and debt.
financial accounting standards board (FASB) correct answers private-sector group that sets
both broad and specific principles. setting U.S. GAAP is delegated to this group.
international accounting standards board (IASB) correct answers an independent group
consisting of individuals from many countries that issues international financial reporting
standards.
international financial reporting standards (IFRS) correct answers standards that identify
preferred accounting practices.
general accounting principles correct answers the basic assumptions, concepts, and guidelines
for preparing financial statements.
cost principle correct answers prescribes that accounting information is based on actual cost
(with a potential for subsequent adjustments to market).
revenue recognition principle correct answers provides guidance on when a company must
recognize revenue.
matching principle correct answers prescribes that a company record the expenses it incurred
to generate the revenue reported.
full disclosure principle correct answers prescribes that a company report the details behind
financial statements that would impact users' decisions.
