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INTERMEDIATE ACCOUNTING, CHAPTER 1 QUIZ QUESTIONS WITH CORRECT ANSWERS
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INTERMEDIATE ACCOUNTING, CHAPTER 1 QUIZ QUESTIONS WITH CORRECT ANSWERS
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INTERMEDIATE ACCOUNTING,CHAPTER 1 QUIZ QUESTIONS WITH
CORRECT ANSWERS
Financial accounting - answer-used to provide relevant financial information to external
users (like creditors and investors)
Net operating cash flow - answer-the difference between cash receipts and cash
payments from transactions related to providing goods and services to customers
during a reporting period
Gaap - answer-generally accepted accounting principles; dynamic set of both broad and
specific guidelines that companies should follow when measuring and reporting the
information in their financial statements and related notes
Aicpa - answer-american institute of certified public accountants; national professional
organization for certified professional public accountants
Fasb - answer-financial accounting standards board; established to set u.s. accounting
standards; supported by the faf; replaced the apb.
Faf - answer-financial accounting foundation; ensures adequate funding of fasb
activities and exercising general oversight of the fasb's activities; selects members of
the fasc & fasac.
Sec - answer-securities and exchange commission; has the authority to set u.s.
accounting standards
Eitf - answer-emerging issues task force; formed to improve financial reporting by
resolving narrowly defined financial accounting issues within the framework of existing
gaap; rulings are ratified by the fasb and are apart of gaap
Iasc/b - answer-international accounting standards committee; develops global
accounting standards; reorganized to the iasb (board); trying to develop a single
standard of global accounting rules
Ifrss - answer-international financial reporting standards; created by the iasb, used by
115 countries/jurisdictions
Auditors - answer-independent intermediaries that help ensure that management has
appropriately applied gaap in preparing the company's financial statements
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