Exam (elaborations)
ACCT 105 Exam 1 Questions with Correct Answers
- Course
- Institution
ACCT 105 Exam 1 Questions with Correct Answers
[Show more]
Content preview
ACCT 105 Exam 1 Questions with Correct AnswersWhat is financial accounting? Correct Answer-Providing information
about the financial resources, obligations, and activities of an economic
entity that is intended for use primarily by external decision makers-
investors and creditors
What do accountants do today and why are they important? Correct
Answer-Prepare fin. statements
Tax return preparation
Auditing business records and processes
Cost Savings
Who are the users of accounting information? Correct Answer-Owners
Managers
Creditors
Government Agencies
Who are the users of financial accounting? Correct Answer-external
parties (shareholders, investors, creditors, etc.)
What are the qualities of information? Correct Answer-Relevance and
faithful representation
, What is the FASB Correct Answer-Financial Accounting Standards
Board- responsible for establishing financial reporting standards in US
What is GAAP? Correct Answer-Generally Accepted Accounting
Principles- financial reporting standards
What is the relationship between FASB and GAAP? Correct Answer-
FASB made GAAP
What is the IASB and the IFRS and how are they related? Correct
Answer-International Accounting Standards Board
International Financial reporting standards.
IASB establishes IFRS
Why do we have GAAP? Correct Answer-To ensure comparability and
consistency
What is SEC, and SOX of 2002 and how are they related? Correct
Answer-Securities and Exchange Commission.
SOX created SEC
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller cracker. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $14.49. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
81849 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now