Financial Accounting and Reporting Standards All solutions are correct, resulting in the best possible grade.
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Course
Financial Accounting and Reporting
Institution
Financial Accounting And Reporting
Investors>>Answer External users who use information to understand how companies are doing
Creditors>>Answer External users who use information to understand the risk and uncertainties
faced by companies
Financial Statement>>Answer Primary focus of financial accounting, provide...
Investors>>Answer External users who use information to understand how companies are doing
Creditors>>Answer External users who use information to understand the risk and uncertainties
faced by companies
Financial Statement>>Answer Primary focus of financial accounting, provides information about
company financial situation
Balance Sheets>>Answer Financial statement that shows the company's assets, liabilities, and
equity at a specific point in time
Income Statement>>Answer Financial statement that shows the company's revenues, expenses,
and net income over a period of time
Statement of Cash Flows>>Answer Financial statement that shows the company's cash inflows and
outflows over a period of time
Statement of Shareholder Equity>>Answer Financial statement that shows the changes in the
company's equity over a period of time
Capital Markets>>Answer Means where companies and investors interact to invest in companies
for a share in it
Rate of Return>>Answer The reward investors aim to have on their investments, considering risk
vs reward
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, Amounts>>Answer One of the three main factors to understand in financial statements, refers to
the numerical values
Timing>>Answer One of the three main factors to understand in financial statements, refers to
when transactions occur
Uncertainty>>Answer One of the three main factors to understand in financial statements, refers to
the level of risk and unpredictability
Accrual Basis>>Answer Accounting model that recognizes when and where cash flows accrue,
provides a more accurate model of cash flows
Cash Basis>>Answer Accounting model that records net operating cash flow from cash receipts,
lacks visibility into future cash flows
Cash Flow Statement>>Answer Financial statement that shows where money is being spent and
received by investors and creditors
Development of Financial Accounting and Reporting Standards>>Answer Process of creating
standards for financial accounting and reporting, began in 1929 after the market crash
Securities Act of 1933>>Answer Law passed to restore investor confidence and set standards for
accounting and disclosures
Securities Exchange Act of 1934>>Answer Law passed to restore investor confidence and created
the SEC to set and enforce accounting standards
SEC (Securities and Exchange Commission)>>Answer Government regulatory body that sets
accounting standards and enforces changes
FASB (Financial Accounting Standards Board)>>Answer Private sector body created in 1973 to
set accounting standards
GAAP (Generally Accepted Accounting Principles)>>Answer Set of accounting standards used in
the United States
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