ACCT 211 LIBERTY UNIVERSITY CHAPTER 1
TO 3 CERTIFICATION PAPER 2026 FULL
ANSWERS GRADED A+
⩥ Users of Financial Information. Answer: 1. Internal
2. External
⩥ Internal Users. Answer: Internal users of accounting information ARE
directly involved in managing and operating an organization.
⩥ External Users. Answer: External users of accounting information are
NOT directly involved in running the organization
⩥ 3 Parts of the Fraud Triangle. Answer: Opportunity-Envision a way to
commit fraud with a low perceived risk of getting caught
Rationalization-Fails to see the criminal nature of the fraud or justifies
the action
Financial Pressure-Must have some pressure to commit fraud, like
unpaid bills
⩥ Dodd-Frank Wall Street Reform and Consumer Protection Act.
Answer: This act was designed to:
1. promote accountability and transparency in the financial system,
, 2. put an end to the notion of "too big to fail,"
3. protect the taxpayer by ending bailouts, and
4. protect consumers from abusive financial services.
⩥ GAAP. Answer: Generally Accepted Accounting Principles
aims to make information relevant, reliable, and comparable
⩥ IFRS. Answer: International Financial Reporting Standards
Identify preferred accounting practices
⩥ IASB. Answer: International Accounting Standards Board
An independent group (consisting of individuals from many countries),
issues International Financial Reporting Standards (IFRS)
⩥ Conceptual Framework. Answer:
⩥ Principles of Accounting. Answer: 1. Measurement Principle
(or Cost Principle)
Accounting information is based on actual cost. Actual cost is
considered objective.
TO 3 CERTIFICATION PAPER 2026 FULL
ANSWERS GRADED A+
⩥ Users of Financial Information. Answer: 1. Internal
2. External
⩥ Internal Users. Answer: Internal users of accounting information ARE
directly involved in managing and operating an organization.
⩥ External Users. Answer: External users of accounting information are
NOT directly involved in running the organization
⩥ 3 Parts of the Fraud Triangle. Answer: Opportunity-Envision a way to
commit fraud with a low perceived risk of getting caught
Rationalization-Fails to see the criminal nature of the fraud or justifies
the action
Financial Pressure-Must have some pressure to commit fraud, like
unpaid bills
⩥ Dodd-Frank Wall Street Reform and Consumer Protection Act.
Answer: This act was designed to:
1. promote accountability and transparency in the financial system,
, 2. put an end to the notion of "too big to fail,"
3. protect the taxpayer by ending bailouts, and
4. protect consumers from abusive financial services.
⩥ GAAP. Answer: Generally Accepted Accounting Principles
aims to make information relevant, reliable, and comparable
⩥ IFRS. Answer: International Financial Reporting Standards
Identify preferred accounting practices
⩥ IASB. Answer: International Accounting Standards Board
An independent group (consisting of individuals from many countries),
issues International Financial Reporting Standards (IFRS)
⩥ Conceptual Framework. Answer:
⩥ Principles of Accounting. Answer: 1. Measurement Principle
(or Cost Principle)
Accounting information is based on actual cost. Actual cost is
considered objective.
