9/16/25, 5:02 AM ACCY 201 - test 1 - Ole Miss - Burney
ACCY 201 - test 1 - Ole Miss – Burney Complete
questions and accurate detailed answers \verified
100% Already Graded A+\LATEST UPDATE 2025-
2026
Terms in this set (53)
an information and measurement system that identifies,
accounting records, and communicates relevant, reliable, and
comparable information about an organization's
business activities.
financial accounting the area of accounting aimed at serving external users
by providing them with general-purpose financial
statements.
managerial accounting the area of accounting that serves the decision-making
needs of internal users.
opportunity pressure
fraud triangle rationalization
generally accepted a framework of accounting standards, rules and
accounting principles procedures defined by the
(GAAP)
professional accounting industry, which has been
adopted by nearly all publicly traded U.S. companies.
a government agency that has the legal authority to set
securities and exchange GAAP and also oversees proper use of GAAP by
commission (SEC) companies hat raise money from the public through
issuances of their stock and debt.
/ 1/6
, 9/16/25, 5:02 AM ACCY 201 - test 1 - Ole Miss - Burney
financial accounting private-sector group that sets both broad and specific
standards board (FASB) principles. setting U.S. GAAP is delegated to this
group.
international accounting an independent group consisting of individuals from
standards board (IASB) many countries that issues international financial
reporting standards.
international financial standards that identify preferred accounting practices.
reporting standards (IFRS)
general accounting principles the basic assumptions, concepts, and guidelines for preparing
financial statements.
prescribes that accounting information is based on
cost principle
actual cost (with a potential for subsequent
adjustments to market).
revenue recognition principle provides guidance on when a company must recognize revenue.
prescribes that a company record the expenses it
matching principle
incurred to generate the revenue reported.
prescribes that a company report the details behind
full disclosure principle
financial statements that would impact users'
decisions.
the accounting information reflects a presumption that
going-concern assumption
the business will continue operating instead of being
closed or sold.
monetary unit assumption transactions and events can be expressed in monetary, or money,
units.
assumption that presumes that the life of a company
time period assumption can be divided into time periods, such as months and
years, and that useful reports can be prepared for
those periods.
this assumption means that a business is accounted for
business entity assumption
separately from other business entities, including its
owner.
Sarbanes-Oxley Act (SOX) act to help curb financial abuses at companies that issue their
stock to the public.
act to promote accountability and transparency in the
Dodd-Frank Wall Street
financial system, put an end to the notion of "too big to
Reform and Consumer
fail," protect the taxpayer by ending bailouts, and
Protection Act
protect
/ 2/6
ACCY 201 - test 1 - Ole Miss – Burney Complete
questions and accurate detailed answers \verified
100% Already Graded A+\LATEST UPDATE 2025-
2026
Terms in this set (53)
an information and measurement system that identifies,
accounting records, and communicates relevant, reliable, and
comparable information about an organization's
business activities.
financial accounting the area of accounting aimed at serving external users
by providing them with general-purpose financial
statements.
managerial accounting the area of accounting that serves the decision-making
needs of internal users.
opportunity pressure
fraud triangle rationalization
generally accepted a framework of accounting standards, rules and
accounting principles procedures defined by the
(GAAP)
professional accounting industry, which has been
adopted by nearly all publicly traded U.S. companies.
a government agency that has the legal authority to set
securities and exchange GAAP and also oversees proper use of GAAP by
commission (SEC) companies hat raise money from the public through
issuances of their stock and debt.
/ 1/6
, 9/16/25, 5:02 AM ACCY 201 - test 1 - Ole Miss - Burney
financial accounting private-sector group that sets both broad and specific
standards board (FASB) principles. setting U.S. GAAP is delegated to this
group.
international accounting an independent group consisting of individuals from
standards board (IASB) many countries that issues international financial
reporting standards.
international financial standards that identify preferred accounting practices.
reporting standards (IFRS)
general accounting principles the basic assumptions, concepts, and guidelines for preparing
financial statements.
prescribes that accounting information is based on
cost principle
actual cost (with a potential for subsequent
adjustments to market).
revenue recognition principle provides guidance on when a company must recognize revenue.
prescribes that a company record the expenses it
matching principle
incurred to generate the revenue reported.
prescribes that a company report the details behind
full disclosure principle
financial statements that would impact users'
decisions.
the accounting information reflects a presumption that
going-concern assumption
the business will continue operating instead of being
closed or sold.
monetary unit assumption transactions and events can be expressed in monetary, or money,
units.
assumption that presumes that the life of a company
time period assumption can be divided into time periods, such as months and
years, and that useful reports can be prepared for
those periods.
this assumption means that a business is accounted for
business entity assumption
separately from other business entities, including its
owner.
Sarbanes-Oxley Act (SOX) act to help curb financial abuses at companies that issue their
stock to the public.
act to promote accountability and transparency in the
Dodd-Frank Wall Street
financial system, put an end to the notion of "too big to
Reform and Consumer
fail," protect the taxpayer by ending bailouts, and
Protection Act
protect
/ 2/6
