CHAPTER 1 (HORNGREN'S ACCOUNTING 11TH
EDITION) NEWEST TEST BANK UPDATE 2025\2026
WITH ACTUAL QUESTIONS AND CORRECT VERIFIED
ANSWERS/WELL ANALYSED ALL GRADED +
Accounting - CORRECT ANSWER-The information system that measures
business activities, processes the information into reports, and communicates
the results to decision makers.
Financial Accounting - CORRECT ANSWER-The field of accounting that
focuses on providing information for external decision makers.
Managerial Accounting - CORRECT ANSWER-The field of accounting that
focuses on providing information for internal decision makers.
Certified Management Accountants (CMAs) - CORRECT ANSWER-Certified
professionals who specialize in accounting and financial management
knowledge. They typically work for a single company.
Certified Public Accountants (CPAs) - CORRECT ANSWER-Licensed
professional accountants who serve the general public.
Creditor - CORRECT ANSWER-Any person or business to whom a business
owes money.
, ho owns stock in a corporation.
Audit - CORRECT ANSWER-An examination of a company's financial
statements and records.
International Accounting Standards Board (IASB) - CORRECT ANSWER-The
private organization that oversees the creation and governance of International
Financial Reporting Standards (IFRS).
International Financial Reporting Standards (IFRS) - CORRECT ANSWER-A set
of global accounting guidelines, formulated by the International Accounting
Standards Board (IASB).
Monetary Unit Assumption - CORRECT ANSWER-The assumption that
requires the items on the financial statements to be measured in terms of a
monetary unit.
Sarbanes-Oxley Act (SOX) - CORRECT ANSWER-Requires companies to review
internal control and take responsibility for the accuracy and completeness of
their financial reports.
Accounting Equation - CORRECT ANSWER-The basic tool of accounting,
measuring the resources of the business (what the business owns or has
control of) and the claims to those resources (what the business owes to
creditors and to the owners). Assets = Liabilities + Equity.
Assets - CORRECT ANSWER-Economic resources that are expected to benefit
the business in the future. Something the business owns or has control of.
Equity - CORRECT ANSWER-The owners' claims to the assets of the business.
EDITION) NEWEST TEST BANK UPDATE 2025\2026
WITH ACTUAL QUESTIONS AND CORRECT VERIFIED
ANSWERS/WELL ANALYSED ALL GRADED +
Accounting - CORRECT ANSWER-The information system that measures
business activities, processes the information into reports, and communicates
the results to decision makers.
Financial Accounting - CORRECT ANSWER-The field of accounting that
focuses on providing information for external decision makers.
Managerial Accounting - CORRECT ANSWER-The field of accounting that
focuses on providing information for internal decision makers.
Certified Management Accountants (CMAs) - CORRECT ANSWER-Certified
professionals who specialize in accounting and financial management
knowledge. They typically work for a single company.
Certified Public Accountants (CPAs) - CORRECT ANSWER-Licensed
professional accountants who serve the general public.
Creditor - CORRECT ANSWER-Any person or business to whom a business
owes money.
, ho owns stock in a corporation.
Audit - CORRECT ANSWER-An examination of a company's financial
statements and records.
International Accounting Standards Board (IASB) - CORRECT ANSWER-The
private organization that oversees the creation and governance of International
Financial Reporting Standards (IFRS).
International Financial Reporting Standards (IFRS) - CORRECT ANSWER-A set
of global accounting guidelines, formulated by the International Accounting
Standards Board (IASB).
Monetary Unit Assumption - CORRECT ANSWER-The assumption that
requires the items on the financial statements to be measured in terms of a
monetary unit.
Sarbanes-Oxley Act (SOX) - CORRECT ANSWER-Requires companies to review
internal control and take responsibility for the accuracy and completeness of
their financial reports.
Accounting Equation - CORRECT ANSWER-The basic tool of accounting,
measuring the resources of the business (what the business owns or has
control of) and the claims to those resources (what the business owes to
creditors and to the owners). Assets = Liabilities + Equity.
Assets - CORRECT ANSWER-Economic resources that are expected to benefit
the business in the future. Something the business owns or has control of.
Equity - CORRECT ANSWER-The owners' claims to the assets of the business.
