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BMAL-590 Week 2 Accounting/Basic Accounting Concept section 3 correctly answered $9.99   Add to cart

Exam (elaborations)

BMAL-590 Week 2 Accounting/Basic Accounting Concept section 3 correctly answered

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  • Course
  • BMAL 590
  • Institution
  • BMAL 590

BMAL-590 Week 2 Accounting/Basic Accounting Concept section 3 correctly answered

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  • September 28, 2024
  • 4
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers
  • BMAL 590
  • BMAL 590
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BravelRadon
BMAL-590 Week 2 Accounting/Basic
Accounting Concept section 3

Basic financial statements include: - correct answer ✔✔1. income statement

2. retained earnings statement

3. balance sheet

4. statement of cash flows



they are all interconnected



articulation of financial statements: - correct answer ✔✔the way accountants refer to the connection
between financial statements



basic elements of a financial accounting system: - correct answer ✔✔(1) standards for determining what,
when, and the amount that should be recorded for economic events,

(2) a framework for preparing financial statements, (3) controls to determine whether errors may have
arisen in the recording process.



GAAP - correct answer ✔✔Generally Accepted Accounting Principles



IFRS - correct answer ✔✔International Financial Reporting Standards



Generally Accepted Accounting Principles - correct answer ✔✔a set of accounting standards that is used
in the preparation of financial statements



International Financial Reporting Standards - correct answer ✔✔are used by companies domiciled in
many countries.



In recent years standard setting bodies have made progress to converge GAAP and IFRS standards.

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