Accounting 2301-Chap. 1-3 Terms
Questions With Correct Answers
Accounting - CORRECT ANSWER✔✔-is a system that identifies, records,
| | | | | | | | |
and communicates information that is relevant, reliable, and
| | | | | | | |
comparable about an organization's business activities.
| | | | |
Internal Users of Info - CORRECT ANSWER✔✔-use info to help
| | | | | | | | | |
businesses decide what they can do.
| | | | |
External Users of Info - CORRECT ANSWER✔✔-use financial info to
| | | | | | | | | |
determine how well a company is actually doing.
| | | | | | |
Financial Accounting - CORRECT ANSWER✔✔-provides users with
| | | | | | |
financial statements (shareholders, lenders, etc.)
| | | |
Managerial Accounting - CORRECT ANSWER✔✔-provides info needs for
| | | | | | | |
internal decision makers (officers, managers, etc.)
| | | | |
Private sector - CORRECT ANSWER✔✔-has largest amount of jobs
| | | | | | | |
, Ethics - CORRECT ANSWER✔✔-Beliefs that distinguish right from wrong;
| | | | | | | |
accepted standards of good behavior
| | | | |
Guideline for Ethics - CORRECT ANSWER✔✔-1) Identify ethical concerns
| | | | | | | |
2) Analyze options (consider all good and bad consequences)
| | | | | | | |
3) Make ethical decision (choose best option after weighing all
| | | | | | | | | |
consequences)
GAAP (Generally Accepted Accounting Principles) - CORRECT
| | | | | | |
ANSWER✔✔-concepts and rules that govern a financial accounting | | | | | | | |
practice
Securities and Exchange Commission - CORRECT ANSWER✔✔-govt.
| | | | | | |
agency that has legal authority to establish reporting requirements and
| | | | | | | | | |
set GAAP for companies that issue stock to the public.
| | | | | | | | |
Financial Accounting Standards Board (FASB) - CORRECT ANSWER✔✔-is
| | | | | | | |
the private group that sets both broad and specific principles (used by
| | | | | | | | | | | |
the U.S.)
|
International Accounting Standards Board (IASB) - CORRECT
| | | | | | |
ANSWER✔✔-issues international standards that identify preferred | | | | | |
accounting practices in other countries. More than 100 countries now
| | | | | | | | | |
Questions With Correct Answers
Accounting - CORRECT ANSWER✔✔-is a system that identifies, records,
| | | | | | | | |
and communicates information that is relevant, reliable, and
| | | | | | | |
comparable about an organization's business activities.
| | | | |
Internal Users of Info - CORRECT ANSWER✔✔-use info to help
| | | | | | | | | |
businesses decide what they can do.
| | | | |
External Users of Info - CORRECT ANSWER✔✔-use financial info to
| | | | | | | | | |
determine how well a company is actually doing.
| | | | | | |
Financial Accounting - CORRECT ANSWER✔✔-provides users with
| | | | | | |
financial statements (shareholders, lenders, etc.)
| | | |
Managerial Accounting - CORRECT ANSWER✔✔-provides info needs for
| | | | | | | |
internal decision makers (officers, managers, etc.)
| | | | |
Private sector - CORRECT ANSWER✔✔-has largest amount of jobs
| | | | | | | |
, Ethics - CORRECT ANSWER✔✔-Beliefs that distinguish right from wrong;
| | | | | | | |
accepted standards of good behavior
| | | | |
Guideline for Ethics - CORRECT ANSWER✔✔-1) Identify ethical concerns
| | | | | | | |
2) Analyze options (consider all good and bad consequences)
| | | | | | | |
3) Make ethical decision (choose best option after weighing all
| | | | | | | | | |
consequences)
GAAP (Generally Accepted Accounting Principles) - CORRECT
| | | | | | |
ANSWER✔✔-concepts and rules that govern a financial accounting | | | | | | | |
practice
Securities and Exchange Commission - CORRECT ANSWER✔✔-govt.
| | | | | | |
agency that has legal authority to establish reporting requirements and
| | | | | | | | | |
set GAAP for companies that issue stock to the public.
| | | | | | | | |
Financial Accounting Standards Board (FASB) - CORRECT ANSWER✔✔-is
| | | | | | | |
the private group that sets both broad and specific principles (used by
| | | | | | | | | | | |
the U.S.)
|
International Accounting Standards Board (IASB) - CORRECT
| | | | | | |
ANSWER✔✔-issues international standards that identify preferred | | | | | |
accounting practices in other countries. More than 100 countries now
| | | | | | | | | |