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Intermediate Accounting Exam Questions and Answers 100% Pass
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Intermediate Accounting Exam Questions and Answers 100% Pass Internal users of accounting information - ... external users of accounting information - Investors, creditors, employees, labor unions, customers, suppliers, government regulatory agencies, financial intermediaries financial accoun...

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  • September 2, 2024
  • 13
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

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  • Intermediate Accounting
  • Intermediate Accounting

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Intermediate Accounting Exam

Questions and Answers 100% Pass


Internal users of accounting information - ✔✔...

external users of accounting information - ✔✔Investors, creditors,

employees, labor unions, customers, suppliers, government regulatory

agencies, financial intermediaries

financial accounting - ✔✔Provides relevant financial information to various

external users.

managerial accounting - ✔✔deals with the concepts and methods used to

provide information to an organization's internal users

GAAP - ✔✔set of both broad and specific guidelines that companies should

follow when measuring and reporting the information in their financial

statements and related notes

SEC - ✔✔responsible for setting accounting and reporting standards for

companies whose securities are publicly traded

FASB - ✔✔the current private sector body that has been delegated the task

of setting accounting standards.

, IASB - ✔✔objectives are to develop a single set of high-quality

understandable global accounting standards, to promote the use of those

standards, and to bring about the convergence of national accounting

standards and international accounting standards

IFRS - ✔✔developed by the IASB and used by more than 100 countries

SOX - ✔✔law provides for the regulation of the key players in the financial

reporting process

Initial market transactions - ✔✔involves issuance of stocks and bonds by

the corporation

Secondary market transactions - ✔✔involves the transfer of stocks and

bonds between individuals and institutions

Maltec Corporation has started placing its quarterly financial statements on

its web page, thereby reducing by 10 days the time to get information to

investors and creditors. The qualitative concept improved is: -

✔✔Timeliness

Timeliness - ✔✔information that is available to users early enough to allow

its use in the decision process

Consistency - ✔✔permits valid comparisons between different periods

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