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Users of Accounting info
Accounting Professionals
Foundation of accounting system
The accounting cycle
100
who uses accounting information in a organization to make decisions:

Inside, outside, or both

Both
100
what is a public accountant?
provides accounting services to individuals or business firms for a fee.
100
what are the generally accepted accounting principles (GAAP)?
Guidelines on the conventions, rules, and procedures for determining acceptable accounting and financial reporting practices.
100
What is an asset?
Anything of value owned or leased by a business
200
3 groups who are major users of accounting information:
Managers, government agencies, and not-for- profit organizations
200
What area do management accountants frequently specialize in?
it varies, different areas
200
An accountant employed by a business other than a public accounting firm is called a 
Management Accountant 
300
What are the less obvious contributions accounting information provides to a business:
help others understand, predict, and react to technological, regulatory, and social and cultural environments. 
300
How do the IRS and state tax officials use accounting info? (three)
Determine a companies tax liability, citizens group, and assessing efficiency of operations. 
300
What federal law prohibits U.S. citizens and companies to bribe foreign officials in order to win or continue business?
Foreign Corrupt practices act
400
what 3 business activities involve accounting and why:
1. financing activities provide necessary funds to start and expand it after it begins operating 


2.investing activities provide valuable assets required to run a business

3.operating activities focus on selling goods and services but they also consider expenses as important elements of sound and financial management 

400
Which organization is the fastest growing segment of accounting practices?, why and give 3  examples
Not-for-profit organizations, churches, schools, hospitals, because contributors want more accountability from these type of organizations.
400
What does FASB stand for and why is it important? 
Financial accounting standards board, and they evaluate, set or modify the GAAP
500
Define the accounting cycle and list the three sub-parts:
Set of activities involved in converting information and individual transactions into financial statements


Basic Data, Processing, Financial Statements