D196- PRINCIPLES OF FINANCIAL AND MANAGERIAL
ACCOUNTING COMPLETE QUESTIONS AND CORRECT
ANSWERS LATEST UPDATE 2024 ALREDY GRADED A+
what does managerial accounting review - (correct answer) product cost, breakeven
analysis, budgeting, performance analysis, outsource production
what does financial accounting review - (correct answer) credit analysis, financial
health, estimate value of the company
examples of external financial reports for financial accounting - (correct answer)
annual report, financial statement, balance sheet, income statement, statement of cash
flow
bookkeeping - (correct answer) day to day keeping of transcations
steps of decision making - (correct answer) identify issue
gather information
identify alternatives
select option that most likely results in desired objective
accounting - (correct answer) analysis of events
record and report financial effects of business activities
where does capital come from (3) - (correct answer) investors
creditors(lenders)
business itself (from earnings retained)
2 main types of accounting - (correct answer) financial and managerial
managerial accounting - (correct answer) gather and analysis of information for
internal use and decision making.
financial accounting - (correct answer) gather, report, analysis of information for
external users- investors and creditors. summary of a business
balance sheet - (correct answer) reports assets and liabilities. basic.
list as of a point in time. as of today, as of yesterday
income statement - (correct answer) how much did you ,ake
period of time - from nov to jan
statement of cash flow - (correct answer) where did the cash come from and where
did the cash go
period of time - from nov to jan
, lender - (correct answer) 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 answer) 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 answer) both financial and
managerial
fasb- what does it stand for, who are they and what do they do - (correct answer)
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 answer)
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 answer) generally accepted accounting principles
sec - (correct answer) Securities and Exchange Commission
regulates us stock exchange. provides investors with full and fair information about
publicly traded companies.
legal punishment
iasb - (correct answer) International Accounting Standards Board
develop international accounting standards. made up of members from many countries
aicpa - (correct answer) 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 answer) 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 answer) statement of what they have and how
they financed it at a specific point in time.
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