3 main types of accounting correct answers financial, tax, cost/managerial
purpose of financial accounting correct answers prepare &/or audit financial statements
financail statements for public companies are issued with the correct answers securities and exchange commission
SEC correct an...
AICPA correct answers american institute of certified public accountants
new rule of financial accounting correct answers certain companies may file with the SEC and
follow the rules outlines in IFRS
IFRS correct answers international financial reporting standards
IFRS written by correct answers IASB
IASB correct answers international accounting standards board
purpose of cost/managerial accounting correct answers create cost flow summaries
cost flow summaries correct answers where costs are/where they can be cut (INTERNAL)
cost flow summaries are (internal/external) correct answers internal
reports in cost/managerial accounting are used by correct answers management to make strategic
decisions
reports in cost/managerial accounting are (public/private) correct answers private
in cost/managerial accounting, summaries follow rules correct answers unique to company (all
have different inventory)
, purpose of tax accounting correct answers prepare adn file tax forms (as individuals and corp.)
tax forms are issued with the correct answers IRS
IRS correct answers international revenue service
tax forms are (private/public) correct answers private (though we can estimate them from public
financil statements)
IRC is written by correct answers IRS
tax forms follow rules outlines in correct answers IRC
IRC correct answers internal revenue code
16th Amendment correct answers the congress shall have power to lay and collect taxes on
incomes, from whatever source derived, without apportionment among the several states, and
without regard to an census or enumeration
you want tax forms to report correct answers low
you want financial statements to report correct answers high
congress is ultimate tax authority but IRS deals with correct answers day to day
financial statement break down correct answers 1. report from management (MD&A)
2. report from independent auditors (state if in accordance to US GAP)
3. 4 actual statements (balance sheet, income statement, cash flow statement, statement of
owners' equity)
4. accompanying notes (detail)
4 actual statements are ___ in length correct answers about a page
four actual statements are correct answers account and values
income= correct answers earnings
owner= correct answers shareholder
income statement AKA correct answers earnings statement or P&L
P&L correct answers profit and loss
statement of owners equity AKA correct answers statement of shareholders equity
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