Exam (elaborations)
D196- Principles of Financial and Managerial Accounting with complete verified solutions
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D196- Principles of Financial and Managerial Accounting with complete verified solutions
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D196- Principles of Financial andManagerial Accounting with
complete verified solutions
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bookkeeping - answer day to day keeping of transcations
steps of decision making - answer identify issue
gather information
identify alternatives
select option that most likely results in desired objective
accounting - answer analysis of events
record and report financial effects of business activities
where does capital come from (3) - answer investors
creditors(lenders)
business itself (from earnings retained)
2 main types of accounting - answer financial and managerial
managerial accounting - answer gather and analysis of information for
internal use and decision making.
financial accounting - answer gather, report, analysis of information for
external users- investors and creditors. summary of a business
,what does managerial accounting review - answer product cost,
breakeven analysis, budgeting, performance analysis, outsource
production
what does financial accounting review - answer credit analysis, financial
health, estimate value of the company
examples of external financial reports for financial accounting - answer
annual report, financial statement, balance sheet, income statement,
statement of cash flow
balance sheet - answer reports assets and liabilities. basic.
list as of a point in time. as of today, as of yesterday
income statement - answer how much did you ,ake
period of time - from nov to jan
statement of cash flow - answer where did the cash come from and where
did the cash go
period of time - from nov to jan
lender - answer lends money with intend to get it back plus interest.
need current income, existing obligations, existing assets, payroll stub,
tax return, monthly payments, bank stmts
investor - answer buys into your company. looks at if the business is
profitable, what they are buying, buying obligations, potential future
projections
what forms will the manager of a business use - answer both financial
and managerial
fasb- what does it stand for, who are they and what do they do - answer
financial accounting standards board
, private group, not govt agency, no legal authority, conducted of people
from a variety of business related backgrounds.
establishes financial accounting and reporting standards for private
sector companies
1 of the two boards that make up GAAP
gasb- what does it stand for, who are they, what do they do - answer
governmental accounting standards board
sets accounting and financial reporting standards for state and legal
governments.
authority over financial reporting by government entities
1 of the two boards that make up GAAP
gaap - answer generally accepted accounting principles
sec - answer Securities and Exchange Commission
regulates us stock exchange. provides investors with full and fair
information about publicly traded companies.
legal punishment
iasb - answer International Accounting Standards Board
develop international accounting standards. made up of members from
many countries
aicpa - answer american institute of certified public accountants
administers the cpa exam.
enforces professional sanction by taking away cpa license when acted
unethically.
role and purpose of accounting - answer accumulate and report on
financial information about performance, financial position, cash flow of a
business. used to reach decisions about how to manage the business,
invest in it, or lend money to it
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