Financial Accounting Test One Set One

Front 1

providing information about the financial resources, obligation, and activities of an economic entity that is intended for use primarily by external decision makers-investors and creditors

Back 1

financial accounting

Front 2

providing information that is intended primarily for use by internal management in decision making required to run the business

Back 2

management accounting

Front 3

The personnel, procedures, devices, and records used by an organization to develop accounting information and communicate that information to decision makers.

Back 3

accounting system

Front 4

individuals and other enterprises that have a financial interest in the reporting enterprise but that are not involved in the day to day operations of that enterprise (e.g. owners, creditors, labor unions, suppliers, customers

Back 4

external users

Front 5

Users of internal accounting information

Back 5

board of directors, chief executive officer (ceo), chief financial officer (cfo), vice presidents, business unit managers, plant managers, store managers, line supervisors.

Front 6

Accounting information that is communicated externally to investors, creditors, and other users, must be prepared in accordance with standards that are understood by both the preparers and users of that information.

Back 6

Generally accepted accounting principles

Front 7

These principles provide the general framework for determining what information is included in financial statements and how this information is to be prepared and presented

Back 7

Generally accepted accounting principles

Front 8

A private sector organization that is responsible for determining generally accepted accounting principles in the United States.

Back 8

Financial accounting standards board

Front 9

a governmental organization that has the legal power to establish accounting principles and financial reporting requirements for publicly held companies in the united States.

Back 9

securities and exchange commission

Front 10

a process designed to provide reasonable assurance that the organization produces reliable financial reports, complies with applicable laws and regulations, and conducts its operations in an efficient and effective manner

Back 10

internal control

Front 11

an accountant who is licensed by a state after meeting rigorous eduucation, experience, and examination requirements.

Back 11

certified public accountant CPA

Front 12

Who performs an audit of a company's financial statements.

Back 12

certified public accountant CPA

Front 13

an investigation of a company's financial statements designed to determine the fairness of these statements.

Back 13

audit