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ADM 1340 EXAM STUDY SET @ 2024
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ADM 1340 EXAM STUDY SET @ 2024Uses and Users of Accounting - Answer Use: accounting identifies and records the
economic events of an organization and communicates interested users
Users: internal, and external
Internal Users examples - Answer Management (production, operation)
finance people (need to know their financial position
Human resource management
Marketing people
External users examples - Answer Stockholders/shareholders
Banks
Government (revenue agency)
Potential partners
Suppliers
Employees
Users of Financial Information Internal and External - Answer Internal: manage
companies, not-for-profit, and government orgs.
External: do not work for the company.
This includes:
- investors, lenders, and other creditors
- customers, employees, labor unions
- taxing authorities and regulators
Identify the internal and external users of financial information for a local hospital -
Answer Internal: human resource department, chief financial officer
External:
What skills, qualities would the ideal accountant possess? - Answer - most important
honesty/ethics
- organized
- time management
, - attention to detail
- good at their job
- communication ( written, interpersonal skills)
- understand technology
- analytical and problem solving skills
Ethics in Financial Reporting - Answer For accounting information to have value,
preparers must have high ethical standards
- actions are legal and responsible
- consider organizations interests
Have a code of conduct to follow
What are some ethical issues that might exist for financial information in a local
hospital? - Answer -inaccurate or misleading numbers could lead to a loss of trust in the
hospital
Four most common types of data analytics - Answer 1. What happened? (Descriptive)
2. Why did it happen ? (Diagnostic)
3. What is likely to happen? (Predictive)
4. What should we do about it? (Prescriptive)
3 Primary Forms of Organizations - Answer 1. Sole Proprietorship
2. Partnership
3. Corporations
Sole Proprietorship - Answer - A business owned by one person
- simple set up
- limited life
- owner has control
- unlimited liability
- income tax paid by owner
Partnership - Answer - A business in which two or more persons combine their assets
and skills
- limited life
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