ACC 325 – chpt 1 – exam 1

46. Which of the following does NOT describe cost management system? A. evaluation of segments or products within the firm B. emphasis on the future C. externally focused D. focus on effective use of resources C. externally focused 114. Managers are considering outsourcing sub-components of production. Data is collected about Read more…

UCSD Econ 4 Terms – Financial Accounting

Financial accounting a highly stylized system of information gathering, processing, and reporting GAAP Generally Accepted Accounting Principles SFAS Statements of Financial Accounting Standards IFRS International Financial Reporting Standards Accrual Accounting a conceptual framework for the preparation and auditing of financial statements and accounts. Cost accounting (managerial accounting) system for tracking Read more…

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 difference between financial and managerial accounting is that financial accounting reports to those _____ the Read more…

Accounting 3300 1 T/F

Financial accounting is the process of identifying, measuring, analyzing, and communicating financial information needed by management to plan, evaluate, and control a company’s operations. T/F FALSE Financial statements are the principal means through which a company communicates its financial information to those outside it. T/F TRUE Users of financial reports Read more…

Chapter 1 – Vocabulary (ACC 201)

Accounting an information and measurement system that identifies, records, and communicates relevant, reliable, and comparable information about an organization’s business activities (36) Record Keeping / Bookkeeping the recording of transactions and events, either manually or electronically (36) External Users individuals who are NOT directly involved in running the organization (36) Read more…

Chapter 1 – Introduction to Accounting

accounting The process of identifying, measuring, and communicating economic information to permit users to make informed judgments and decisions accounting systems The branch of accounting that covers the review of a firm’s entire information system, not just the accounting system accrual basis accounting System of reporting revenues and expenses in Read more…

FAR

Securities and Exchange Commission (SEC) the federal government agency that administers the securities laws of the U.S. These laws affect firms that issue debt and equity securities to the public. Such firms register with the SEC and are called registrants. The financial statements of these firms must be filed with Read more…

Chapter 1 Quiz

The process of providing financial information to external decision makers is referred to as: A) Public accounting. B) Government accounting. C) Financial accounting. D) Managerial accounting. Financial accounting Financial statements generally include all of the following except: A) Income statement. B) Federal income tax return. C) Balance sheet. D) Statement Read more…

Intermediate 1: Exam Review

What is financial accounting? the identification, measurement, and communication of financial information economic entities to interested parties Who is the primary user of financial statements? External parties: investors and creditors How does accounting help the capital allocation process? Investors and creditors use financial reports to make decisions about capital allocation Read more…

ACTG 440 – AIS Chapter 1

1. Which of the following is not a business resource? a. raw material b. labor c. information d. all are business resources d Which level of management is responsible for short-term planning and coordination of activities necessary to accomplish organizational objectives? a. operations management b. middle management c. top management Read more…

Financial Accounting Chapter 1 Vocab

Accounting the information system that identifies, records, and communicates the economic events of an organization to its users American Hotel and Lodging Association a trade association whose members are mostly hotels and lodging properties in the United States Assets resources owned by a business Basic Accounting Equation Assets = Liabilities Read more…

Financial Accounting Ch.1

Accounting A system of maintaining records of a company’s operations and communicating that information to decision makers. Accounting Equation Equation that shows a company’s resources (assets) equal creditors’ and owners’ claims to those resources (liabilities and stockholders’ equity) Assets=Liabilities+Stockholders’ Equity. Assets Resources of a company. Auditors Trained individuals hired by Read more…