CPA

Financial Accounting 1. Measure business activity 2. Communicate measurements to people for decision making Primary external users of financial accounting info Investors and creditors Financing Activities Involves funding from external sources such as, owners of company who invest their own funds into business and creditors who lend money to the company Investing Activities Involves purchase and sale of long-term resources such as, land, buildings, equipment, and machinery Operating Activiti...

Identifying Select transactions and events Recording input, measure, and log Communicating prepare, analyze, and interpret External Users Persons using accounting information who are not directly involved in running the organization. EX. Lenders, shareholders, governors, consumer groups, external auditors, customers Internal Users Persons using accounting information who are directly involved in managing the organization. EX. officers, managers, internal auditors, sales staff, budget officer...

CMCA Practice Exam Questions With Complete Solutions In preparing the association's annual financial report, many governing documents specify: - ANSWER- Retaining an independent certified public accountant When a dispute is mediated, the uninvolved third party facilitates discussion and - ANSWER- Assists both parties in reaching a mutually acceptable agreement When developing a rule, it must be consistent with.... - ANSWER- Applicable statues and governing documents What would impac...

Identify the users of financial information correct answers banks, owners, suppliers, customers Entity has its own separate correct answers identity An entity whose entire purpose is to produce a profit for its owners is an correct answers economic entity Funds taken from owner for personal use is correct answers withdrawals Income statement shows correct answers revenue, expenses, net income Balance sheet shows correct answers assets, liabilities, owner's equity Statement of ...

Financial accounting correct answers Provides information for external decision makers Managerial accounting correct answers Accounting that focuses on providing information for internal decision makers Certified public accountant correct answers Licensed professional accounts who serve the general public Certified management accountants correct answers Certified professionals who typically work for a single company Financial Accounting Standards correct answers Private organization ...

What iis accounting? correct answers An information and measurement system that identifies, records, and communicates information about business information. Also known as the language of business 3 parts of accounting correct answers Identifying: select transactions and events Recording: input, measure, and log Communicating: prepare, analyze, and interpret Record/Bookkeeping correct answers most common with accounting, the recording part of acc., technology helps reduce time and effort...

ACCT 201 ACCOUNTING EXAM 1 QUESTIONS AND WELL ELABORATED SOLUTION Accounting Period - ANSWER -Time span covered by the financial statements; normally one year, but may be a quarter, month or some other time interval Accrual - ANSWER -Accounting recognition of revenue or expense in a period before cash is exchanged Accrual Accounting - ANSWER -Accounting system which recognizes revenues when earned and expenses when incurred regardless of when the related cash is exchanged Adverse O...

AIS - Chapter 1 Questions and Answers graded A+ 1) Which of the following statements below shows the contrast between data and information? A) Data is the output of an AIS. B) Information is the primary output of an AIS. C) Data is more useful in decision-making than information. D) Data and information are the same. B 2) Information is A) basically the same as data. B) raw facts about transactions. C) potentially useful facts when processed in a timely manner. D...

AIS Quiz 1 Ch 1 Questions and Answers correct Define an Accounting Information System A system that collects, records, stores, and processes data to produce information for decision makers. It includes people, procedures and instructions, data, software, information technology infrastructure, and internal controls and security measures. What are the 6 components of an AIS? The people who use the system, procedures and instructions used to collect-process-store the data, data about the ...

AIS Final Exam Review Questions (Extensive) D) Activities, documents, and technologies An accounting information system is a set of interrelated: A) Activities and documents only B) Activities and technologies only C) Documents and technologies only D) Activities, documents, and technologies A) Data, information The components of an accounting information system are designed to collect ______ and report _______. A) Data, information B) Data, data C) Information, information D)...