Principles of Accounting - VYC1 - WGU
The review of financial statements to assess their fairness and adherence to GAAP is called?
Auditing
What is an independent accountant who provides accounting services to the public for a fee called?
CPA
What form of business organization are owners not personally responsible for the debts of the business?
Corporation
What is the Financial Accounting Standards Board responsible for?
Developing generally accepted accounting principles.
What is not part of the process of accounting for financial information?
Identifying
What is an area in which accountants usually do not practice
Industrial accounting
The relationship between business finances and owner finances should always be?
Kept separate
A form of partnerships business entity is
LLP
Which act was passed in response to the wave of corporate accounting scandals?
Sarbanes-Oxley Act
What is not a type of information communicated by the financial statements?
Types of products and services a business provides
An Example of an Economic Entity is
a business
Sarbanes-Oxley Act includes rules on
auditor rotation
What is not a type of information communicated by the financial statements
how long the business has been in operation
The area of accounting that involves the preparation of internal reports for a firm's executives and the analysis of the data in these reports to aid in decision making is known as
managerial accounting
Corporations whose stock can be bought and sold on stock exchanges and in over the counter markets are referred to as
publicly owned corporations
Tax planning includes
suggesting actions to reduce tax liability.
The group of accounting educators who offer their opinions about proposed FASB statements, after research has been done to determine the possible effects on financial reporting and the economy is?
the AAA