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ACCOUNTING EXAM FOR FDIC EXAM STUDY GUIDE SOLUTIONS
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ACCOUNTING EXAM FOR FDIC EXAM STUDY GUIDE SOLUTIONS Financial accounting - ANSWER-creates financial reports for the use of both internal and external parties managerial accounting - ANSWER-the internal use of accounting statements by managers in planning and directing the organization's activ...

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  • November 26, 2024
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  • 2024/2025
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ACCOUNTING EXAM FOR FDIC
EXAM STUDY GUIDE SOLUTIONS


Financial accounting - ANSWER✔✔-creates financial reports for the use of

both internal and external parties


managerial accounting - ANSWER✔✔-the internal use of accounting

statements by managers in planning and directing the organization's

activities


financial statements - ANSWER✔✔-4 types: balance sheet, income

statement, statement of CFs and the statement of owners' equity


Objective of financial reporting - ANSWER✔✔-to provide financial

information about the reporting entity that is useful to present and

potential equity investors, lenders, and other creditors in decisions about

providing resources to the entity




Copyright ©EMILLYCHARLOTE 2025 ACADEMIC YEAR, ALL RIGHTS RESERVED. Page 1/66

,general purpose financial statements - ANSWER✔✔-provide general

information to a wide variety of users. It allows everyone to better

understand its financial position


entity perspective - ANSWER✔✔-a perspective where companies are

viewed as separate and distinct from their owners'


proprietary perspective - ANSWER✔✔-a perspective that financial

reporting should be focused only on the needs of shareholders. Not

considered appropriate


decision-usefulness - ANSWER✔✔-financial reporting provides

information that is useful for making decisions. Investors want to assess

the company's ability to generate cash flows and management's ability to

protect capital investments


Accrual Basis Accounting - ANSWER✔✔-ensures that a company records

events that change its financial statements in the periods in which the

events occur, rather than only in the periods when it receives or pays cash.

Recognizes revenue when it provides the goods or services than when it

receives the cash


Copyright ©EMILLYCHARLOTE 2025 ACADEMIC YEAR, ALL RIGHTS RESERVED. Page 2/66

,GAAP (Generally Accepted Accounting Principles) - ANSWER✔✔-A

single set of universal rules in regards to creating financial statements.

Allows the reviewers of statements to understand without having to read a

new set of rules each time


Parties involved in standard-setting - ANSWER✔✔-SEC, AICPA & FASB


SEC - ANSWER✔✔-standardize financial information presented to

stockholders. SEC requires registrants to adhere to GAAP. The SEC relies

on the FASB to develop accounting standards. The companies listed on the

stock exchange must submit their financial statements to the SEC


American Institute of Certified Public Accountants (AICPA) -

ANSWER✔✔-The Committee on Accounting Procedures (CAP) was

appointed by SEC. It issues accounting research bulletins that dealt with a

variety of accounting problems, but this structure ended up failing. Later

created the Accounting Principles Board


Accounting Principles Board - ANSWER✔✔-purposes were to advance the

written expression of accounting principles, determine appropriate

practices and narrow the areas of difference and inconsistency in practice.


Copyright ©EMILLYCHARLOTE 2025 ACADEMIC YEAR, ALL RIGHTS RESERVED. Page 3/66

, Has 18-21 members on the board. Came under fire early because of a lack

of productivity and failing to act promptly to correct accounting abuses


The FASB came to replace the ___ - ANSWER✔✔-APB. Which also created

the accounting standards executive committee as the committee authorized

to speak for the AICPA


Financial Accounting Standards Board - ANSWER✔✔-mission is to

establish and improve standards of financial accounting and reporting for

the guidance and education of the public. The financial accounting

foundation, FASB and Financial Accounting Standards Advisory Council

fall under this


Financial Accounting Foundation - ANSWER✔✔-its purpose is to select

members of the FASB & GASB, fund their activities and have general

oversight


FASB - ANSWER✔✔-purpose to establish and improve standards of

financial accounting and reporting




Copyright ©EMILLYCHARLOTE 2025 ACADEMIC YEAR, ALL RIGHTS RESERVED. Page 4/66

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