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D196- Principles of Financial and Managerial Accounting || Already Passed.
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bookkeeping correct answers day to day keeping of transcations steps of decision making correct answers identify issue gather information identify alternatives select option that most likely results in desired objective accounting correct answers analysis of events record and report finan...

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  • August 26, 2024
  • 14
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

Subjects

  • bookkeeping

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  • D196- Principles of Financial and Managerial Accou
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D196- Principles of Financial and Managerial Accounting ||
Already Passed.
bookkeeping correct answers day to day keeping of transcations

steps of decision making correct answers identify issue
gather information
identify alternatives
select option that most likely results in desired objective

accounting correct answers analysis of events
record and report financial effects of business activities

where does capital come from (3) correct answers investors
creditors(lenders)
business itself (from earnings retained)

2 main types of accounting correct answers financial and managerial

managerial accounting correct answers gather and analysis of information for internal use and
decision making.

financial accounting correct answers gather, report, analysis of information for external users-
investors and creditors. summary of a business

what does managerial accounting review correct answers product cost, breakeven analysis,
budgeting, performance analysis, outsource production

what does financial accounting review correct answers credit analysis, financial health, estimate
value of the company

examples of external financial reports for financial accounting correct answers annual report,
financial statement, balance sheet, income statement, statement of cash flow

balance sheet correct answers reports assets and liabilities. basic.
list as of a point in time. as of today, as of yesterday

income statement correct answers how much did you ,ake
period of time - from nov to jan

statement of cash flow correct answers where did the cash come from and where did the cash go
period of time - from nov to jan

lender correct answers lends money with intend to get it back plus interest. need current income,
existing obligations, existing assets, payroll stub, tax return, monthly payments, bank stmts

, investor correct answers buys into your company. looks at if the business is profitable, what they
are buying, buying obligations, potential future projections

what forms will the manager of a business use correct answers both financial and managerial

fasb- what does it stand for, who are they and what do they do correct answers financial
accounting standards board
private group, not govt agency, no legal authority, conducted of people from a variety of
business related backgrounds.
establishes financial accounting and reporting standards for private sector companies
1 of the two boards that make up GAAP

gasb- what does it stand for, who are they, what do they do correct answers governmental
accounting standards board
sets accounting and financial reporting standards for state and legal governments.
authority over financial reporting by government entities
1 of the two boards that make up GAAP

gaap correct answers generally accepted accounting principles

sec correct answers Securities and Exchange Commission
regulates us stock exchange. provides investors with full and fair information about publicly
traded companies.
legal punishment

iasb correct answers International Accounting Standards Board
develop international accounting standards. made up of members from many countries

aicpa correct answers american institute of certified public accountants
administers the cpa exam.
enforces professional sanction by taking away cpa license when acted unethically.

role and purpose of accounting correct answers accumulate and report on financial information
about performance, financial position, cash flow of a business. used to reach decisions about how
to manage the business, invest in it, or lend money to it

what is a balance sheet correct answers statement of what they have and how they financed it at a
specific point in time.

balance sheet equation correct answers assets = liabilities + owners equity

what are assets and examples correct answers what they own or control that will provide
probable future benefits
cash, accts receivable, inventory, buildings, land.

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