OA Prep D196 Questions With 100%
Pass
/. The role of the IRS - Answer-ensure that tax filing complies with financial accounting
standards.
/.Financial reports are used by - Answer-individuals and organizations that have an
economic interest in the business. ( management, creditors, investors.)
/.Financial reports - Answer-summarized information about the financial performance of
a business
/.role of the SEC - Answer-(Federal Government Agency) monitor data to ensure that
the company is providing sufficient information for investors
/.Which role of accounting involves obtaining and using financial information to
determine the financial health and performance of a business or product line? - Answer-
Evaluation
/.AICPA (American Institute of Certified Public Accountants) - Answer-Enforce
professional sanctions by taking away the CPA designation from an accountant who
has acted unethically.
/.Accounting - Answer-systematic collection of financial information that is compiled and
presented in summary form
/.primary users of financial accounting information - Answer-individuals and groups
outside of a company. These parties use summary financial information to make
investment and credit decisions and decisions relating to selling to a company or
working for a company.
/.management accounting information - Answer-Used by management for such things
as costing a product and performing break-even analysis.
/.exchange transactions - Answer-the entity is actually trading (exchanging) one thing
for another
/.purpose of the financial accounting cycle - Answer-help you see how the accounting
process (including the recording) turns transactions into financial statements.
/.transaction - Answer-Two parties exchanging something of value.
Pass
/. The role of the IRS - Answer-ensure that tax filing complies with financial accounting
standards.
/.Financial reports are used by - Answer-individuals and organizations that have an
economic interest in the business. ( management, creditors, investors.)
/.Financial reports - Answer-summarized information about the financial performance of
a business
/.role of the SEC - Answer-(Federal Government Agency) monitor data to ensure that
the company is providing sufficient information for investors
/.Which role of accounting involves obtaining and using financial information to
determine the financial health and performance of a business or product line? - Answer-
Evaluation
/.AICPA (American Institute of Certified Public Accountants) - Answer-Enforce
professional sanctions by taking away the CPA designation from an accountant who
has acted unethically.
/.Accounting - Answer-systematic collection of financial information that is compiled and
presented in summary form
/.primary users of financial accounting information - Answer-individuals and groups
outside of a company. These parties use summary financial information to make
investment and credit decisions and decisions relating to selling to a company or
working for a company.
/.management accounting information - Answer-Used by management for such things
as costing a product and performing break-even analysis.
/.exchange transactions - Answer-the entity is actually trading (exchanging) one thing
for another
/.purpose of the financial accounting cycle - Answer-help you see how the accounting
process (including the recording) turns transactions into financial statements.
/.transaction - Answer-Two parties exchanging something of value.
