Exam 1: Accounting Information: Users and Uses

Ethics are especially important in accounting because

The primary internal group that uses accounting information is

Internal reports are generally used by

The definition of accounting is a system for providing "quantitative information, primarily financial in nature, about economic entities that is intended to be useful in making economic decisions." List and explain the key components of this definition.

In 2008, the SEC began to

Which of the following is NOT one of the three primary financial statements?

The initials GAAP stand for

Which of the following is true about the double-entry system of bookkeeping?

The emphasis in financial accounting is on which of the following external user groups?

The initials CPA stand for

Accountants typically perform what action related to the financial results of business activities?

Which of the following organizations has specific legal authority to establish accounting standards for publicly held companies?

Which of the following is NOT a step in the decision making process?

Which of the following is NOT a typical source of monetary resources for a business enterprise?

Generally accepted accounting principles are

List the four steps in the decision making process.

The accounting cycle includes all of the following, EXCEPT:

Which of the following is NOT true of the Financial Accounting Standards Board (FASB)?

Which of the following is NOT a service typically provided by large public accounting firms?

FASB, GAAP, SEC, CPA, AICPA, IRS, IASB, IFRS are all acronyms used in accounting. For the preceding list of acronyms, state what the acronym stands for and then give a definition of each acronym.