ACCT 253 - CHP 1 – INTRO EXAM STUDY QUESTIONS AND ANSWERS 2024
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Course
ACCT 253
Institution
Athabasca University (AU
)
Define Accounting
Accounting is the process of identifying, measuring, recording, and communicating an organization's economic activities to users for decision making
Managerial Accounting
Serves decision-making needs of internal users.
Financial Accounting
Focuses on external reporting to mee...
ACCT 253 - CHP 1 – INTRO EXAM
STUDY QUESTIONS AND ANSWERS
2024
ACCT
POSSIBLEA 8/21/24 .
, ACCT 253 - CHP 1 – INTRO EXAM STUDY QUESTIONS AND
ANSWERS 2024
Define Accounting
Accounting is the process of identifying, measuring, recording, and
communicating an organization's economic activities to users for decision making
Managerial Accounting
Serves decision-making needs of internal users.
Financial Accounting
Focuses on external reporting to meet the needs of external users.
List and Describe forms of business organization
Proprietorship, partnership and corporation.
Explain GAAP (Generally Accepted Accounting Principles)
GAAP followed in Canada by PAEs (Publicly Accountable Enterprises) are based
on IFRS (Interna-
tonal Financial Reporting Standards). PEs (Private Enterprises) follow GAAP
based on ASPE (Accounting Standards for Private Enterprises), a less onerous set
of GAAP maintained by the AcSB
(Accounting Standards Board). GAAP have qualitative characteristics and
principles.
GAAP Principles
business entity, consistency, cost, full disclosure, going concern, matching,
materiality, monetary unit, and
recognition
GAAP Qualitative Characteristics
relevance, faithful representation, comparability, verifiability, timeliness, and
understandability
What are the four main financial statements?
ACCT 253 - CHP 1 – INTRO EXAM STUDY QUESTIONS AND
ANSWERS 2024
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