Intermediate Accounting Main Exam 2023-2024
With 100% Correct And Detailed Answers
Internal users of accounting information - ANSWER-...
external users of accounting information - ANSWER-Investors, creditors,
employees, labor unions, customers, suppliers, government regulatory
agencies, financial intermediaries
financial accounting - ANSWER-Provides relevant financial information
to various external users.
managerial accounting - ANSWER-deals with the concepts and methods
used to provide information to an organization's internal users
GAAP - ANSWER-set of both broad and specific guidelines that
companies should follow when measuring and reporting the
information in their financial statements and related notes
SEC - ANSWER-responsible for setting accounting and reporting
standards for companies whose securities are publicly traded
FASB - ANSWER-the current private sector body that has been
delegated the task of setting accounting standards.
, Intermediate Accounting Main Exam 2023-2024
With 100% Correct And Detailed Answers
IASB - ANSWER-objectives are to develop a single set of high-quality
understandable global accounting standards, to promote the use of
those standards, and to bring about the convergence of national
accounting standards and international accounting standards
IFRS - ANSWER-developed by the IASB and used by more than 100
countries
SOX - ANSWER-law provides for the regulation of the key players in the
financial reporting process
Initial market transactions - ANSWER-involves issuance of stocks and
bonds by the corporation
Secondary market transactions - ANSWER-involves the transfer of stocks
and bonds between individuals and institutions
Maltec Corporation has started placing its quarterly financial
statements on its web page, thereby reducing by 10 days the time to
get information to investors and creditors. The qualitative concept
improved is: - ANSWER-Timeliness
Timeliness - ANSWER-information that is available to users early enough
to allow its use in the decision process
With 100% Correct And Detailed Answers
Internal users of accounting information - ANSWER-...
external users of accounting information - ANSWER-Investors, creditors,
employees, labor unions, customers, suppliers, government regulatory
agencies, financial intermediaries
financial accounting - ANSWER-Provides relevant financial information
to various external users.
managerial accounting - ANSWER-deals with the concepts and methods
used to provide information to an organization's internal users
GAAP - ANSWER-set of both broad and specific guidelines that
companies should follow when measuring and reporting the
information in their financial statements and related notes
SEC - ANSWER-responsible for setting accounting and reporting
standards for companies whose securities are publicly traded
FASB - ANSWER-the current private sector body that has been
delegated the task of setting accounting standards.
, Intermediate Accounting Main Exam 2023-2024
With 100% Correct And Detailed Answers
IASB - ANSWER-objectives are to develop a single set of high-quality
understandable global accounting standards, to promote the use of
those standards, and to bring about the convergence of national
accounting standards and international accounting standards
IFRS - ANSWER-developed by the IASB and used by more than 100
countries
SOX - ANSWER-law provides for the regulation of the key players in the
financial reporting process
Initial market transactions - ANSWER-involves issuance of stocks and
bonds by the corporation
Secondary market transactions - ANSWER-involves the transfer of stocks
and bonds between individuals and institutions
Maltec Corporation has started placing its quarterly financial
statements on its web page, thereby reducing by 10 days the time to
get information to investors and creditors. The qualitative concept
improved is: - ANSWER-Timeliness
Timeliness - ANSWER-information that is available to users early enough
to allow its use in the decision process
