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Accounting Chapters 1-3 questions with actual answers.
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  • Accounting 101
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  • Accounting 101

Accounting Chapters 1-3 questions with actual answers.

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  • August 29, 2024
  • 11
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

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  • accounting chapters 1 3 questions with actual answ

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  • Accounting 101
  • Accounting 101

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Accounting Chapters 1-3 questions with
actual answers.
Accounting ANS - Is a system that identifies, records, and communicates information that is relevant,
reliable, and comparable about an organizations business activities.



Accounting Activities ANS - -Identify business activities

-Recording Business Activities

-Communicating Business Activities



External Users ANS - Lenders, Shareholders, Governments, Consumer groups, External auditors, and
customers.



Internal Users ANS - Managers, Officers, Internal auditors, Sales staff, Budget officers, and Controllers



Financial Accounting ANS - Provides external users with financial statements.



Managerial Accounting ANS - Provides information needs for internal decision makers.



Financial Accounting ANS - -Preparation

-Analysis

-Auditing

-Regulatory

-Consulting

-Planning

-Criminal investigation



Managerial Accounting ANS - -General Accounting

-Cost accounting

, -Budgeting

-Internal auditing

-Consulting

-Controller

-Treasurer

-Strategy



Taxation ANS - -Preparation

-Planning

-Regulatory

-Investigations

-Consulting

-Enforcement

-Legal Services

-Estate plans



Accounting Related ANS - Lenders, Consultants, analysts, traders, directors, underwriters, planners,
appraisers, FBI investigators, market researchers, systems designers, merger services, business
valuation, forensic accountant, litigation support, and entrepreneurs.



Ethics ANS - Beliefs that distinguish right from wrong and accepted standards of good and bad behavior.



General Accepted Accounting Principles (GAAP) ANS - Financial accounting is governed by these
concepts and rules



Relevant Information ANS - Affects decision of its users.



Reliable Information ANS - Trusted by users.



Comparable Information ANS - Used in comparisons across years & companies.

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