FINANCIAL ACCOUNTING FINAL
EXAM/ QUESTIONS AND ANSWERS
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Terms in this set (568)
What is Tells us what is happening inside a
accounting? business/how it is performing
Accounting is an information system
Definition of that measures, processes, &
accounting communicates information that is useful
for decision making
Expresses in monetary terms certain
Measures
financial transactions
Classifies & analyzes in a form that is
Processes understandable & useful, ex. financial
ratios, summary financial statements
, Through financial statements, external &
Communicates
internal
1) Outside users w/ a direct financial
interest
Users of 2) Outside users w/ an indirect financial
accounting interest
3) Insiders
4) Other groups
Outside users w/ a Current or potential investors
direct financial Current or potential creditors
interest
Taxing authorities
Outside users w/
Regulatory agencies (stock exchanges,
an indirect
SEC)
financial interest
Suppliers, customers
Managers/boards of directors
Insiders
Employees (unions)
Other groups Analysts, brokers
Financial vs. Financial: external
managerial Managerial: internal
accounting: users
Financial vs. Financial: historical
managerial Managerial: future-oriented
accounting: timing
EXAM/ QUESTIONS AND ANSWERS
100% VERIFIED ANSWERS GRADED
A+
Save
Terms in this set (568)
What is Tells us what is happening inside a
accounting? business/how it is performing
Accounting is an information system
Definition of that measures, processes, &
accounting communicates information that is useful
for decision making
Expresses in monetary terms certain
Measures
financial transactions
Classifies & analyzes in a form that is
Processes understandable & useful, ex. financial
ratios, summary financial statements
, Through financial statements, external &
Communicates
internal
1) Outside users w/ a direct financial
interest
Users of 2) Outside users w/ an indirect financial
accounting interest
3) Insiders
4) Other groups
Outside users w/ a Current or potential investors
direct financial Current or potential creditors
interest
Taxing authorities
Outside users w/
Regulatory agencies (stock exchanges,
an indirect
SEC)
financial interest
Suppliers, customers
Managers/boards of directors
Insiders
Employees (unions)
Other groups Analysts, brokers
Financial vs. Financial: external
managerial Managerial: internal
accounting: users
Financial vs. Financial: historical
managerial Managerial: future-oriented
accounting: timing
