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Accounting 101 || Already Passed.
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  • Accounting 101
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  • Accounting 101

3 main types of accounting correct answers financial, tax, cost/managerial purpose of financial accounting correct answers prepare &/or audit financial statements financail statements for public companies are issued with the correct answers securities and exchange commission SEC correct an...

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Document information

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

Subjects

  • 3 main types of accounting

Written for

  • Accounting 101
  • Accounting 101

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Accounting 101 || Already Passed.
3 main types of accounting correct answers financial, tax, cost/managerial

purpose of financial accounting correct answers prepare &/or audit financial statements

financail statements for public companies are issued with the correct answers securities and
exchange commission

SEC correct answers security and exchange commission

financial statements for public companies are (public or private) correct answers public

Old financial accounting rule: correct answers all financial statements filed with SEC follow the
rules outlines in GAAP

GAAP correct answers generally accepted accounting principles

GAAP is largely written by: correct answers FASB & AICPA

FASB correct answers financial accounting standards board

AICPA correct answers american institute of certified public accountants

new rule of financial accounting correct answers certain companies may file with the SEC and
follow the rules outlines in IFRS

IFRS correct answers international financial reporting standards

IFRS written by correct answers IASB

IASB correct answers international accounting standards board

purpose of cost/managerial accounting correct answers create cost flow summaries

cost flow summaries correct answers where costs are/where they can be cut (INTERNAL)

cost flow summaries are (internal/external) correct answers internal

reports in cost/managerial accounting are used by correct answers management to make strategic
decisions

reports in cost/managerial accounting are (public/private) correct answers private

in cost/managerial accounting, summaries follow rules correct answers unique to company (all
have different inventory)

, purpose of tax accounting correct answers prepare adn file tax forms (as individuals and corp.)

tax forms are issued with the correct answers IRS

IRS correct answers international revenue service

tax forms are (private/public) correct answers private (though we can estimate them from public
financil statements)

IRC is written by correct answers IRS

tax forms follow rules outlines in correct answers IRC

IRC correct answers internal revenue code

16th Amendment correct answers the congress shall have power to lay and collect taxes on
incomes, from whatever source derived, without apportionment among the several states, and
without regard to an census or enumeration

you want tax forms to report correct answers low

you want financial statements to report correct answers high

congress is ultimate tax authority but IRS deals with correct answers day to day

financial statement break down correct answers 1. report from management (MD&A)
2. report from independent auditors (state if in accordance to US GAP)
3. 4 actual statements (balance sheet, income statement, cash flow statement, statement of
owners' equity)
4. accompanying notes (detail)

4 actual statements are ___ in length correct answers about a page

four actual statements are correct answers account and values

income= correct answers earnings

owner= correct answers shareholder

income statement AKA correct answers earnings statement or P&L

P&L correct answers profit and loss

statement of owners equity AKA correct answers statement of shareholders equity

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