Accounting 105 EXAM 1 || with 100% Verified Solutions.
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Module
Accounting 105
Institution
Accounting 105
What is financial accounting? correct answers Accountants Provide information about an economic entity( A business) so that users of this information can make more informed decisions.
Who are the users of accounting information? correct answers internal and external parties
What do accountant...
Accounting 105 EXAM 1 || with 100% Verified Solutions.
What is financial accounting? correct answers Accountants Provide information about an
economic entity( A business) so that users of this information can make more informed
decisions.
Who are the users of accounting information? correct answers internal and external parties
What do accountants do? correct answers Accountants Provide information about an economic
entity( A business) so that users of this information can make more informed decisions.
Who are the users of financial accounting information? correct answers External Parties
What is the heading of a Income Statement? correct answers For the year ending (XX-XX-
XXXX)
What is the heading of a Retained Earnings Statement correct answers For the year ending (XX-
XX-XXXX)
What is the heading of a Balance Sheet correct answers The date given (XX-XX-XXXX)
What is the FASB (Financial Accounting Standards Board)? correct answers The FASB creates
the GAAP
What does GAAP (Generally Accepted Accounting Principles) do? correct answers Promotes
Uniformity in Acc practices, Enhances comparability for users, and Increase the public user's
confidence in financial reporting.
What is the relationship between the FASB and GAAP correct answers FASB establishes U.S
GAAP
Who are the primary users of Financial Accounting information correct answers External Parties
External Parties are....? correct answers IRS, Auditors, Investors, Creditors, financial Analysts,
Other Companies, Suppliers, The Public, Stock Holders, Customers.
Who are the primary users of Managerial Accounting Information correct answers Internal
parties
What can Managerial accountants look to for guidance correct answers IMA (Institute of
Management Accountants)
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