C213- Accounting For Decision Makers |243 Questions| With Correct Answers.

Accounting {Ans: } A system for providing "quantitative information, primarily financial in nature, about economics entities that is intended to be useful in making economic decisions".American Institute of Certified Public Accountants (AICPA) {Ans: } the professional organization of certified public accountantsBalance Sheet {Ans: } Document which reports the resources of a company (the assets), the company's obligations (the liabilities), and the owners' equity, which represents how much money has been invested in the company by its owners.Bookkeeping {Ans: } The preservation of a systematic, quantitative record of an activity.Certified Public Accountant (CPA) {Ans: } A person who has taken a minimum number of college-level accounting classes, has passed the dreaded CPA exam, and has met other requirements set by his or her state.Financial Accounting {Ans: } The name given to accounting information provided for and used by external users.Financial Accounting Standards Board (FASB) {Ans: } Private, non-profit body that sets accounting standards in the United States.Financial Statements {Ans: } The three primary financial information documents: the balance sheet, income statement, and statement of cash flows.Internal Revenue Service (IRS) {Ans: } The government agency responsible for tax collection and tax law enforcement.Income Statement {Ans: } This document reports the amount of