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the financial executives institute is an organization established in 1931 whose members are mainly financial policy-making executives several of its
consisting mainly of accounting educators the american accounting association aaa has sought to encourage research and study at a theoretical level
formed under the securities and exchange act of 1934 the sec securities and exchange commission is a government agency that administers important
in 1984 the governmental accounting standards board gasb was recognized with a fulltime chairperson and four part-time members the gasb issues
in 1973 and independent seven-member full-time financial accounting standards board fasb replaced the accounting principles board the fasb has
development of financial accounting standardsseveral organizations are considerable in the establishment of generally accepted accounting principles
q what is managerial accounting informationa managerial accounting information is for internal use and provides special information for the managers
q explain financial accounting informationa financial accounting information is precedent in nature that reporting on what has happened in the past
general rationale financial statements provide much of the information needed by external users of financial accounting these financial statements
q external users of accounting informationthe external users of accounting information grouped into groups everyone has different interests in the
q financial accounting versus managerial accountingan accounting information system offers data to help decision makers both outside and inside the
q what do you mean by not-for-profit organizationsnot-for-profit organizations such like charities fraternities churches and universities need
governmental agencies at the state federal and local levels employ governmental accountants habitually the duties of these accountants relate to tax
management accountants may or maynt be cpas if a management accountant passes an examination prepared and graded by the institute of certified
q what do you mean by management consulting management consulting or advisory services before sarbanes-oxley management advisory services were the
q show accounting deception situationsin 2002 the sarbanes-oxley act was approved the act was approved as one result of the large losses to the
q define auditingauditing a business in quest of a loan or attempting to have its securities traded on a stock exchange typically must provide
q what is public accountingpublic accounting firms offer professional accounting and related services for a fee to organizations other companies and
q show employment opportunities in accountingthroughout the last half-century accounting has gained the same professional status as the medical and
q what do you mean by bookkeepingaccounting is frequently confused with bookkeeping bookkeeping is a mechanical procedure that records the routine
reliable information is essential before decision makers can make a sound decision involving the allocation of scarce resources accounting
q define the accounting process the accounting process offers financial data for a broad range of individuals whose objectives in studying the data
the american accounting association is one of the accounting organizations discussed later in this introduction it defines accounting as the process
q explain accounting structurethe accounting structure of a profit seeking business is an information system designed to provide relevant financial
q define economic and financial decisionsyou most likely will find that of all the business knowledge you have acquired or will learn the study of