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ACCOUNTING 101 CHAPTERS 1-4 || very Flawless.
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Financial accounting correct answers Provides information for external decision makers Managerial accounting correct answers Accounting that focuses on providing information for internal decision makers Certified public accountant correct answers Licensed professional accounts who serve the g...

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  • August 9, 2024
  • 4
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

Subjects

  • financial accounting

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  • ACCOUNTING 101 CHAPTERS 1-4
  • ACCOUNTING 101 CHAPTERS 1-4

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ACCOUNTING 101 CHAPTERS 1-4 || very Flawless.
Financial accounting correct answers Provides information for external decision makers

Managerial accounting correct answers Accounting that focuses on providing information for
internal decision makers

Certified public accountant correct answers Licensed professional accounts who serve the
general public

Certified management accountants correct answers Certified professionals who typically work
for a single company

Financial Accounting Standards correct answers Private organization that oversees the creation
and governance of accounting standards in the US

Generally Accepted Accounting Principles correct answers Currently formulated by the FASB,
the main US accounting rule book

Securities and Exchange Commission correct answers Oversees the US financial markets

Economic entity assumption correct answers Organization that stands apart as a separate
economic unit

Cost principle correct answers States that acquired assets and services should be recorded at their
actual cost

Monetary Unit Assumption correct answers Requires the items on the financial statements to be
measured in terms of a monetary unit

Going concern assumption correct answers Assumes that the entity will remain in operation for
the foreseeable future

International accounting standards board correct answers Private organization that oversees the
creation and governance of international reporting standards

Retained earnings correct answers Equity that is earned but not distributed to stockholders
(increases with revenue and decreases with expenses)

Equity correct answers Owners claim to the assets of the business

Dividend correct answers Distribution of a corporation earnings to stockholders

Transaction correct answers Any event that affects the financial position of the business (can be
measured with faithful representation)

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