ACCT 2010 (chapter 1)

Lakukan tugas rumah & ujian kamu dengan baik sekarang menggunakan Quizwiz!

provides the most important support for the ethical foundation of accounting

Accountants' ethical contract & Legislation

The private sector organization that is currently responsible for setting accounting standard in the US is the ...

Financial Accounting Standards Board (FASB)

independence, full-time card members, private sector organization

Financial Accounting Standards Board (FASB)

standards for presenting financial accounting information

Generally Accepted Accounting Principles (GAAP)

common abbreviation for the Board that currently establishes global accounting and reporting standards

IASB

organization that develops global accounting standards

International Accounting Standards Board (IASB)

regulates auditors & provides criminal penalties for violators

Sarbanes-Oxley Act

The legal authority to set accounting standards lies with the ...

Securities and Exchange Commission

economic resource that will provide it with future benefits

asset

ex. cash, inventory, supplies, buildings, equipment, accounts receivable, other assets

asset

adds creditability to a company's financial statements by expressing a professional opinion

auditors

If investors or lenders were interested in the amount of debt a company currently has, which financial statement would they need?

balance sheet

assets, liabilities, and stockholder's equity

balance sheet

decide market share and profitability

competitors

has responsibility for preparing financial statements in accordance with generally accepted accounting principles

corporate management

The balance sheet shows that a company's resource equal ______ claims to those resources.

creditor's claims plus owners' claims

decide whether to lend money

creditors

decide whether to purchase products

customer

decide employment opportunities

employees

refers to a code or moral system that provides criteria for evaluating right or wrong

ethics

ex. rent expense, supplies expense, salaries expense, utilities expense, interest expense, other expenses

expense

Salaries paid to employees for the month is a(n) ______ account that appears on the ______.

expense; income statement

A(n) ______ is a cost of doing business that is necessary to produce ______.

expense; revenue

______ accounting information helps investors make decisions.

financial

Companies communicate information about their business activities primarily through ...

financial statements

when accountants face an ethical dilemma, the first step in solving a dilemma is to ...

identify the ethical decision

The financial income statement that is most useful in explaining a company's stock price performance is the ...

income statement

best explains a companies' stock price performance

income statement

revenues and expenses

income statement

salaries expense, service expense, supplies expense

income statement

decide whether to invest stock

investors

ex. accounts payable, salaries payable, utilities payable, interest payable, notes payable, other liabilities

liabilities

assets=

liabilities + stockholders' equity

decide on environmental issues

local communities

Who has the responsibility to apply standards when communicating with investors and creditors?

management

______ accounting deals with the concepts and methods used to provide information to an organization's internal users.

managerial

decide production and expansion

managers

The primary functions of accounting are to ...

measure a company's activities & communicate information to decision makers

The two main career paths in accounting are referred to as:

private and public

An advantage of the corporate form of organization is that a corporation ...

provides limited liability to stockholders

decide on social welfare

regulators

ex. service revenue

revenue

operating, investing, and financing activities

statement of cash flows

ex. common stock, retained earnings

stockholders' equity

decide the customer's ability to pay for supplies

suppliers

decide on taxation policies

tax authorities

purpose of the author

to add creditability to the financial statements


Set pelajaran terkait

Organizational Behavior Chapter 7**

View Set

Prelude 4: Music as Order and Logic

View Set

Communication Networks (Chapter 3)

View Set

Chapt. 3: Critical Thinking, Ethical Decision Making, & the nursing process

View Set