Financial accounting correct answers Provides information for external decision makers
Managerial accounting correct answers Accounting that focuses on providing information for internal decision makers
Certified public accountant correct answers Licensed professional accounts who serve the g...
ACCOUNTING 101 CHAPTERS 1-4 || very Flawless.
Financial accounting correct answers Provides information for external decision makers
Managerial accounting correct answers Accounting that focuses on providing information for
internal decision makers
Certified public accountant correct answers Licensed professional accounts who serve the
general public
Certified management accountants correct answers Certified professionals who typically work
for a single company
Financial Accounting Standards correct answers Private organization that oversees the creation
and governance of accounting standards in the US
Generally Accepted Accounting Principles correct answers Currently formulated by the FASB,
the main US accounting rule book
Securities and Exchange Commission correct answers Oversees the US financial markets
Economic entity assumption correct answers Organization that stands apart as a separate
economic unit
Cost principle correct answers States that acquired assets and services should be recorded at their
actual cost
Monetary Unit Assumption correct answers Requires the items on the financial statements to be
measured in terms of a monetary unit
Going concern assumption correct answers Assumes that the entity will remain in operation for
the foreseeable future
International accounting standards board correct answers Private organization that oversees the
creation and governance of international reporting standards
Retained earnings correct answers Equity that is earned but not distributed to stockholders
(increases with revenue and decreases with expenses)
Equity correct answers Owners claim to the assets of the business
Dividend correct answers Distribution of a corporation earnings to stockholders
Transaction correct answers Any event that affects the financial position of the business (can be
measured with faithful representation)
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