Financial Accounting - ANSWERSThe area of accounting that refers to providing information to support external investment and credit decisions
Management Accounting - ANSWERSThe area of accounting that refers to providing information to support internal management decisions
Financial Reporting...
Accounting flash cards Test 1 Questions
& Answers
Financial Accounting - ANSWERSThe area of accounting that refers to providing
information to support external investment and credit decisions
Management Accounting - ANSWERSThe area of accounting that refers to providing
information to support internal management decisions
Financial Reporting - ANSWERSA broad term that describes all information provided to
external users, including but not limited to financial statements
Financial Statements - ANSWERSStatement of financial position (balance sheet),
income statement, statement of cash flows
General-purpose assumption - ANSWERSThe fact that the same information is
provided to various external users, including investors and creditors
Internal control - ANSWERSprocedures and processes within an organization that
ensure the integrity of accounting information
Public Accounting - ANSWERSThe segment of the accounting profession that relates to
providing audit, tax, and consulting services to clients
Bookkeeping - ANSWERSThe procedural aspect of accounting that involves keeping
detailed records of business transactions, much of which is done by computers.
Institute of Internal Auditors - ANSWERSInternal organization dedicated to the
advancement of internal auditing
Securities and Exchange Commission - ANSWERSGovernment agency responsible for
financial reporting by publicly held companies
Institute of management accountants - ANSWERSorganization dedicated to providing
members personal and professional development opportunities in the area of
management accounting
American Accounting Association - ANSWERSOrganization consisting primarily of
accounting educators that encouraged improvements in teaching and research
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