Syllabus
What percent of your grade is your homework?
9.2%
What is Financial Accounting Made of?
External Decision Makers.
Explain CPA? What does the acronym stand for?
CPAs serve the general public.
Certified Public Accountants.
What is an economic entity assumption?
an organization that stands apart as a separate economic unit.
What is an audit?
-an examination of a company's financial statements and records.
What is strictly not allowed for your exams?
Programmable calculators.
What is Managerial Accounting Made of ?
Internal Decision Makers
Chartered Global Management Accountants.
What is their specialty?
What is their acronym?
They have advanced knowledge in finance, operations, strategy, and management.
(CGMAs)
Name what an Economic Entity Assumption can be? *theres 4*
-Sole Proprietorship
-Partnership
-Corporation
-Limited-Liability Company (LLC)
What does the Sarbanes-Oxley Act (SOX) do?
it requires companies to review internal control.
How many exams do you need to pass in order to pass the class?
2
Give an example of who Financial Accountants are.
-Investors
-Creditors
-Government Authorities
What is a Certified Management Accountant's specialty?Acronym?
-they specialize in accounting and financial management knowledge and often work for a single company
-CMAs
What governing organization oversees creation and governance of accounting standards?
Financial Accounting Standards Board.
(FASB)
Who monitors independent accountants that audit public companies?
Public Company Accounting Oversight Board.
(PCAOB)
What percentage of your grade is the Accounting cycle?
8.3%
Give two examples of who Managerial Accountants are.
-Managers
-Employees
-Individuals
Certified Financial Planners (CFPs).
What do they help individuals do/plan?
-they help individuals budget, plan for retirement, save for education, and manage their finances.
What is SEC?
What does the acronym stand for?
-oversees the U.S. financial markets
-Securities and Exchange Comminssion
What other principles besides the economic entity assumption, are a part of GAAP? Explain.
(hint: there's 3)
-Cost Principle
-Going Concern Assumption
-Monetary Unit Assumption
What is your Professor's Full Name?
Shailesh Rana
What is the importance of Accounting?
(name two of the three)
-measures business activities
-process the information into reports
-communicates the results to decision makers
Name four accounting positions.
-Controllers
-Financial Analysts
-Auditors
-Bookkeepers
What does GAAP stand for?
What is GAAP? Explain.
-Generally Accepted Accounting Principles
-GAAP consists of accounting guidelines. It is composed of usueful accounting information that must be relevant, allowing users to make a decision. It must also have faithful representation by being complete, neutral, and free from error.
International Financial Reporting Standards.
(IFRS)
Define. Who publishes these guidelines?
-are a set of global accounting guidelines that are used or required by more than 166 nations/jurisdictions.
-published by the International Accounting Standards Board (IASB)