Examen
Accounting Chapters 1-3 questions with actual answers.
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Accounting Chapters 1-3 questions with actual answers.
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Accounting Chapters 1-3 questions withactual answers.
Accounting ANS - Is a system that identifies, records, and communicates information that is relevant,
reliable, and comparable about an organizations business activities.
Accounting Activities ANS - -Identify business activities
-Recording Business Activities
-Communicating Business Activities
External Users ANS - Lenders, Shareholders, Governments, Consumer groups, External auditors, and
customers.
Internal Users ANS - Managers, Officers, Internal auditors, Sales staff, Budget officers, and Controllers
Financial Accounting ANS - Provides external users with financial statements.
Managerial Accounting ANS - Provides information needs for internal decision makers.
Financial Accounting ANS - -Preparation
-Analysis
-Auditing
-Regulatory
-Consulting
-Planning
-Criminal investigation
Managerial Accounting ANS - -General Accounting
-Cost accounting
, -Budgeting
-Internal auditing
-Consulting
-Controller
-Treasurer
-Strategy
Taxation ANS - -Preparation
-Planning
-Regulatory
-Investigations
-Consulting
-Enforcement
-Legal Services
-Estate plans
Accounting Related ANS - Lenders, Consultants, analysts, traders, directors, underwriters, planners,
appraisers, FBI investigators, market researchers, systems designers, merger services, business
valuation, forensic accountant, litigation support, and entrepreneurs.
Ethics ANS - Beliefs that distinguish right from wrong and accepted standards of good and bad behavior.
General Accepted Accounting Principles (GAAP) ANS - Financial accounting is governed by these
concepts and rules
Relevant Information ANS - Affects decision of its users.
Reliable Information ANS - Trusted by users.
Comparable Information ANS - Used in comparisons across years & companies.
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