Podcast
Questions and Answers
What is the primary purpose of financial accounting for external users?
What is the primary purpose of financial accounting for external users?
- Assisting in contrasting organizations
- Analyzing internal decision-making
- Providing financial statements (correct)
- Preparing budgets
Who are considered internal users of accounting information?
Who are considered internal users of accounting information?
- External auditors
- Government agencies
- Consumer groups
- Sales staff (correct)
What distinguishes generally accepted accounting principles (GAAP)?
What distinguishes generally accepted accounting principles (GAAP)?
- Flexibility, accuracy, and timeliness
- Transparency, objectivity, and disclosure
- Conservatism, materiality, and consistency
- Relevance, reliability, and comparability (correct)
What is the role of managerial accounting?
What is the role of managerial accounting?
What are the accepted standards of good and bad behavior in accounting known as?
What are the accepted standards of good and bad behavior in accounting known as?