Intermediate Accounting Final questions n answers graded A+

Intermediate Accounting FinalFinancial Accounting - correct answer Has an external focus Who uses Financial Accounting? - correct answer Competitors, consumers/customers, stockholders/owners, potential stockholders/investors, IRS/Government What do those using Financial Accounting use? - correct answer Financial Statements: 1. Income Statement (NI=Rev-Ex) 2. Retained Earnings Statement (Beg RE+NI-Div Declared=E RE 3. Balance Sheet (A=L+OE) 4. Statement of Cash Flow (Operating, Investing, Financing) How do those using financial accounting report to users? - correct answer By following GAAP (Generally Accepted Accounting Princ) Managerial Accounting - correct answer Internal Focus Who uses Managerial Accounting? - correct answer Employees=decision makers What do those using managerial accounting use? - correct answer Specialized reports How do those using managerial accounting report to users? - correct answer Sales--who sold the most//what product sold the most//sales trend However they want FASB - correct answer Financial Accounting Standards Board. Current Primary rules called Statements of Financial Accounting Standards Additional Rules: A. Intepretations