Page |1
Chapter 17 Foundations of Business
Accounting Questions and Correct
Answers/ Latest Update / Already Graded
recording, classifying, summarizing, and interpreting of financial
events and transactions in an organization to provide management
and other interested parties the financial information they need to
make good decisions about its operations
Ans: accounting
method we use to record and summarize accounting data into reports
Ans: accounting system
what is the major purpose of accounting
Ans: help managers make well-informed decisions and to
report financial info about firm to stakeholders
accounting is often called the
Ans: language of business
provides information and analysis to managers inside the organization
to assist them in decision making
All rights reserved © 2025/ 2026 |
, Page |2
Ans: managerial accounting
what are some duties of managerial accounting
Ans: - concerned with measuring and reporting costs of
production, marketing, and other functions
- preparing budgets (planning)
- checking whether or not units are staying within their budgets
(controlling)
- designing strategies to minimize taxes
a professional accountant who has met certain educational and
experience requirements, passed a qualifying exam, and has been
certified by the Institute of Certified Management Accountants
Ans: certified management accountant (CMA)
how does financial accounting differ from managerial accounting
Ans: differs from managerial in that the financial information
and analyses it generates are for people primarily "outside" the
organization
- goes not only to company owners, managers, and employees,
but also to creditors and lenders, employee unions, customers,
suppliers, gov agencies, and general public
All rights reserved © 2025/ 2026 |
, Page |3
yearly statement of the financial condition, progress, and expectations
of an organization
Ans: annual report
how are company's seeking to reduce cost now since pressure from
stakeholders for detailed financial information has grown
Ans: companies are seeking to reduce cost by putting the
annual report on the firm's website and making better use of
the form 10-K that is required by the securities and exchange
commission
why do organizations employ a private accountant
Ans: because they only work for a single firm, gov agency, or
nonprofit organization and it is critical for firms to keep
accurate financial information
for a fee, what accounting services would a public accountant provide
to individuals or businesses
Ans: designing an accounting system, helping correct software
to run the system, and analyzing an organizations financial
performance
All rights reserved © 2025/ 2026 |
Chapter 17 Foundations of Business
Accounting Questions and Correct
Answers/ Latest Update / Already Graded
recording, classifying, summarizing, and interpreting of financial
events and transactions in an organization to provide management
and other interested parties the financial information they need to
make good decisions about its operations
Ans: accounting
method we use to record and summarize accounting data into reports
Ans: accounting system
what is the major purpose of accounting
Ans: help managers make well-informed decisions and to
report financial info about firm to stakeholders
accounting is often called the
Ans: language of business
provides information and analysis to managers inside the organization
to assist them in decision making
All rights reserved © 2025/ 2026 |
, Page |2
Ans: managerial accounting
what are some duties of managerial accounting
Ans: - concerned with measuring and reporting costs of
production, marketing, and other functions
- preparing budgets (planning)
- checking whether or not units are staying within their budgets
(controlling)
- designing strategies to minimize taxes
a professional accountant who has met certain educational and
experience requirements, passed a qualifying exam, and has been
certified by the Institute of Certified Management Accountants
Ans: certified management accountant (CMA)
how does financial accounting differ from managerial accounting
Ans: differs from managerial in that the financial information
and analyses it generates are for people primarily "outside" the
organization
- goes not only to company owners, managers, and employees,
but also to creditors and lenders, employee unions, customers,
suppliers, gov agencies, and general public
All rights reserved © 2025/ 2026 |
, Page |3
yearly statement of the financial condition, progress, and expectations
of an organization
Ans: annual report
how are company's seeking to reduce cost now since pressure from
stakeholders for detailed financial information has grown
Ans: companies are seeking to reduce cost by putting the
annual report on the firm's website and making better use of
the form 10-K that is required by the securities and exchange
commission
why do organizations employ a private accountant
Ans: because they only work for a single firm, gov agency, or
nonprofit organization and it is critical for firms to keep
accurate financial information
for a fee, what accounting services would a public accountant provide
to individuals or businesses
Ans: designing an accounting system, helping correct software
to run the system, and analyzing an organizations financial
performance
All rights reserved © 2025/ 2026 |
