Financial Accounting

FAR 1 – Module 1

What does SEC stand for? Securities and Exchange Commission What role does the SEC play when considering GAAP ? The SEC has the legal authority to establish U.S GAAP standards, but allows accounting profession to Read more…

Financial Accounting

Midterm 2

Reports prepared in financial accounting are general-purpose reports, whereas reports prepared in managerial accounting are usually special-purpose reports. True Determining the unit cost of manufacturing a product is an output of financial accounting. False The Read more…

Financial Accounting

CPA FAR Basic Concepts

Accounting Pronouncements: Staff Positions Issued by: FASB Provides additional guidance on implementing or applying FASB Standards or Interpretations. Authoritative GAAP. Accounting Pronouncements: Interpretations (FASB) Issued by: FASB Represent extensions or modifications of existing standards. Authoritative Read more…

Financial Accounting

Accounting Final Exam Review

accounting planning,recording,analyzing, and interpreting financial information. accounting equation an equation showing the relationship among assets, liabilities, and owner’s equity. accounts payable ledger a subsidiary ledger containing only account for vendors from whom merchandise or other Read more…

Financial Accounting

Intro to Financial Accounting 201 (Exam 1)

GAAP Generally Accepted Accounting Principle Examples of internal users Managers, officers, internal auditors, sales staff. Examples of external users Lenders, shareholders, government, consumer groups. What’s the difference between financial accounting and managerial accounting? Internal users Read more…

Financial Accounting

Chapter 1 (Managerial Accounting)

Financial accounting Is concerned with reporting financial information to external parties, such as stockholders, creditors and regulators Managerial accounting Is concerned with providing information to managers for use within the organization Outside, inside The main Read more…