MGT 8803 EXAM Questions & Answers, Well
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Terms in this set (183)
To provide meaningful quantitative financial
Purpose of Financial
information regarding an entity's activities to decision
Accounting
makers
Who is Financial Focused on external entities, people outside of the
Accounting for business
Who are the external shareholders (owners), debt holders (creditors),
decision makers that make managers, investment analysts and information
use of financial accounting intermediaries, customers and strategic partners
What doe shareholders 1. Is this business going to be successful 2. what will I
want to know get out of my investment
What makes information Relevance and Faithful representation
useful
Where do financial Congress -> SEC (enforces rules on markets) -> FASB
accounting rules (makes accounting standards) -> GAAP (generally
(standards) come from? accepted accounting principles)
What does SEC stand for Securities and Exchange Commission oversees all
and what do they do publicly traded companies
, What does AICPA stand American Institute of Certified Public Accountants -
for and what is the point audit opinion provides reasonable assurance that the
of external audits statements are free of material mistakes
Securities Law makes it easy to sue
What are three ways is SEC, external audits - AICPA, securities law
accounting overseen
True false: Accounting is true
the primary source of
information for decision
makers
better financial accounting better info for decision makers which leads to better
leads to what capital allocation and thus a healthy economy
balance sheet, income statement, statement of
What are the five required
shareholders equity statement of cash flows, and
financial statements
statement of comprehensive income
What is the purpose of a describes the sources and uses of funds of a firm at a
balance sheet point in time
what is a balance sheet evaluating capital structure and assessing risk and
useful for future cash flows
economic resources that are owned or controlled by
Asset a company that have expected future economic
benefit
What are examples of cash, accounts receivables (A/R), inventory, land,
assets buildings, equipment, copyrights, and investments
value at the last transaction (last time sold or how
historical cost
much to be built)
market value how much we think an asset is worth today
true or false: many assets true. market value is useful, but historical cost is more
are reported at historical objective
cost
Elaborated | Already Verified Test |100% Verified
solutions | Latest!!
Save
Terms in this set (183)
To provide meaningful quantitative financial
Purpose of Financial
information regarding an entity's activities to decision
Accounting
makers
Who is Financial Focused on external entities, people outside of the
Accounting for business
Who are the external shareholders (owners), debt holders (creditors),
decision makers that make managers, investment analysts and information
use of financial accounting intermediaries, customers and strategic partners
What doe shareholders 1. Is this business going to be successful 2. what will I
want to know get out of my investment
What makes information Relevance and Faithful representation
useful
Where do financial Congress -> SEC (enforces rules on markets) -> FASB
accounting rules (makes accounting standards) -> GAAP (generally
(standards) come from? accepted accounting principles)
What does SEC stand for Securities and Exchange Commission oversees all
and what do they do publicly traded companies
, What does AICPA stand American Institute of Certified Public Accountants -
for and what is the point audit opinion provides reasonable assurance that the
of external audits statements are free of material mistakes
Securities Law makes it easy to sue
What are three ways is SEC, external audits - AICPA, securities law
accounting overseen
True false: Accounting is true
the primary source of
information for decision
makers
better financial accounting better info for decision makers which leads to better
leads to what capital allocation and thus a healthy economy
balance sheet, income statement, statement of
What are the five required
shareholders equity statement of cash flows, and
financial statements
statement of comprehensive income
What is the purpose of a describes the sources and uses of funds of a firm at a
balance sheet point in time
what is a balance sheet evaluating capital structure and assessing risk and
useful for future cash flows
economic resources that are owned or controlled by
Asset a company that have expected future economic
benefit
What are examples of cash, accounts receivables (A/R), inventory, land,
assets buildings, equipment, copyrights, and investments
value at the last transaction (last time sold or how
historical cost
much to be built)
market value how much we think an asset is worth today
true or false: many assets true. market value is useful, but historical cost is more
are reported at historical objective
cost
