Csu act 205 - Study guides, Class notes & Summaries

CSU ACT 205 Exam 3 Questions and Correct Answers Primary Users of Reports: Managerial Accounting - ANSWER Internal Users: Officers and Managers Types and Frequency of Reports: Managerial Accounting - ANSWER Internal Reports as frequent as needed Purpose of Reports: Managerial Accounting - ANSWER Special-purpose for specific decisions Content of Reports: Managerial Accounting - ANSWER Pertains to subunits of the business. Very detailed. Extends beyond accrual...

Type of Business Organization - Answer-Sole Proprietorship -Simple to establish -owner controlled -tax advantages Type of Business Organization - Answer-Partnerships -simple to establish -shared control -broader skills and resources -tax advantages Type of Business Organization - Answer-Corporations -easier to transfer ownership -easier to raise funds -no personal liability Primary users of accounting information - Answer-internal and external internal users - Answer-The organizati...

CSU ACT 205 Exam 2 Questions and Correct Answers Reasons for incorrect financial statements - ANSWER errors fraud Occupational fraud - ANSWER the use of one's occupation for personal enrichment through the deliberate misuse or misapplication of the employer's resources. -2 parts: misuse of resources and financial statement manipulation Fraud triangle - ANSWER three elements present in fraudulent activity= opportunity, financial pressure, rationalizatio...

CSU ACT 205 Exam 3 Questions and Answers Managerial Accounting - ANSWER - Provides financial information to INTERNAL users - Reporting is generated AS NEEDED - Reporting is tailored to specific needs - Reporting intended for forecasting and understanding future needs - Does NOT need to follow GAAP Financial Accounting - ANSWER the branch of accounting that prepares financial statements for use by owners, creditors, suppliers, and other external stakeholders Manageme...

CSU ACT 205 Exam Questions and Answers All Correct What are the 2 primary functions of financial accounting? - ANSWER to measure activities of a company and communicate those measurements to investors What 3 fundamental business activities does financial accounting measure? - ANSWER cing activities 2. investing activities 3. operating activities financing activities - ANSWER includes transactions the business has with creditors and investors such as is...

CSU ACT 205 exam 1 COMPLETE SOLUTION TESTED AND VERIFIED FOR A+ ACHIEVERS!!

CSU ACT 205 EXAM 2 Questions and Answers Occupational fraud: - ANSWER Is the use of one's occupation for personal enrichment through the deliberate misuse or misapplication of the employing organization's resources. Which element of the fraud triangle do companies have the greatest ability to eliminate? - ANSWER Opportunity. Under the Sarbanes-Oxley Act, management is responsible for: - ANSWER The reliability of financial statements The component of internal c...

CSU ACT 205 Exam 1 Questions and Correct Answers What are the 2 primary functions of financial accounting? - ANSWER to measure activities of a company and communicate those measurements to investors What 3 fundamental business activities does financial accounting measure? - ANSWER cing activities 2. investing activities 3. operating activities financing activities - ANSWER includes transactions the business has with creditors and investors such as issuing...

CSU ACT 205 Final Exam With Complete Solution...