Principles of Financial and Managerial Accounting - D196 Already Passed
Accounting plays a vital role in the decision-making process. Which action is the first step in the decision-making process? Identify the issue
The money that a company needs to buy its land, pay its employees, and buy its su...
principles of financial and managerial accounting d196 already passed
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Principles of Financial and Managerial Accounting
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Principles of Financial and Managerial
Accounting - D196 Already Passed
Accounting plays a vital role in the decision-making process. Which action is the first step in the
decision-making process?
Identify the issue
The money that a company needs to buy its land, pay its employees, and buy its supplies is called
capital. What are the potential sources of capital for a business?
Investors, creditors, and retained business earnings
Which primary area of accounting generates reports for internal users?
Management accounting
True or False: Accountants measure and communicate the results of business activities.
True
,Which group uses financial information to evaluate whether a company will be able to repay a
loan?
Lenders
Which of the primary financial statements reports the resources, obligations, and owner's equity
of a company?
Balance sheet
What is the role of the IASB in regulating accounting standards?
Establish international accounting standards
What group of people make up the FASB?
People from a variety of business-related backgrounds
,What is the role of the GASB in setting accounting standards?
The GASB is a private-sector organization that establishes accounting and financial reporting
standards for U.S. state and local governments.
In what way do accountants have an economic incentive to conduct themselves ethically?
The value of the information produced by accountants is related to the confidence that users have
in the reliability of that information.
How is it possible for an accountant to intentionally deceive financial statement users and yet
still technically be in compliance with generally accepted accounting principles (GAAP)?
There is flexibility inherent in the assumptions underlying the preparation of financial
statements.
Your boss approaches you with a concerning letter from the IRS and asks you to explain the role
of the IRS in regulating accounting standards. Based on the role of the IRS, what could be the
problem detailed in the letter?
, The company has not filed its taxes in accordance with the law.
Anika is considering investing in a tech company that is known for developing smart home
appliances. Before investing, Anika first wants to ensure that the company's past financial
performance has been satisfactory and that the company manages its cash flows well. What type
of accounting information would provide this evidence for Anika?
Financial reports
Alliah Company just released its public accounting data for 20X9. Which user of accounting
information will monitor this data to ensure that the company is providing sufficient information
for investors?
Government agencies
A new product line manager approaches the accounting department in order to understand the
past performance of the product line he has been asked to manage in the future. Which role of
accounting involves obtaining and using financial information to determine the financial health
and performance of a business or product line?
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