Accounting: EXAM 1 Review!

What is Accounting?

• a measurement sytem revolved around solar activities

• a measurement system revolved around business activities

• a measurement sytem revolved around molecular activities

• a measurement system revolved around peculiar activities

users of accounting are both

• internal and extranal

• nocturnal and dormant

• external and intergallactic

• internal and external

users and uses of accounting include: (a) managers in controlling, monitoring, and planning; (b) lenders for measuring the risk and return of loans; (c) shareholders for assessing the return and risk of stock; and (d) employees for judging employment opportunities

• True

• False

Opportunities in accounting include (three words)

What is the FASB?

• the "Financial Accounting Status Board"

• the "Frankly Accounting Standards Board"

• the "Financial Accounting Standards Board"

• the "Financial Agriculture Standards Board"

What is the primary responsibility of the FASB (Financial Accounting Standards Board)?

what is the IASB?

• the International Accounting Standards Board

• the International's Accurate Standards Board

• the Intergallatic Accounting Standards Board

• the International Accounting Standards BrOad

What is the Expense Recognition Principle? a company ___ the expenses incurred to ___ the ___ reported

What is the Revenue Recognition Principle? received ___ are provided to the ___ at the ___ expected to be ___

What is the Full-Disclosure Principle? --> a company ___ the details behind ___ ___ that would impact a ___'s decisions