b124 activity 1

The importance of accounting is

• communicates

• Identifies

• records

• all of this

All of the following is a part of accounting system except

• 1- Identifies

• 1- Records

• 1- Communicates

• 1- Financial decision making

Identifies, recording and communicates definition to:

• Accounting system

• Accounting method

• Accounting cycle

• Standard accounting

Recording is considered

• Select economic events (transaction)

• Summarized, classify, and record

• Prepare financial statement

• 1- All of the above

External users of accounting include all of the following except

• Lenders

• Consumer

• managers

• Shareholders /stakeholders

• a- External auditors

Internal users of accounting include all of the following except:

• Employees

• Owners

• Mangers

• Internal auditors

• Customers

Identifies is considered

• Select economic events (transaction)

• Prepare financial statement

• Summarized, classify, and record

• All of the above

The internal users help the ……... to provides information needs foe the internal decision makers

• Managerial accounting

• International accounting

• Financial accounting

• All the above

External users of financial accounting information include all of the following except ________.

• lenders such as bankers

• governmental agencies such as the IRS

• employees of a business

• potential investors

• all the above

Stockholders can best be defined as which of the following?

• investors who lend money to a business for a short period of time

• investors who lend money to a business for a long period of time

• investors who purchase an ownership in the business

• analysts who rate the financial performance of the business