D196- Principles of Financial and
Managerial Accounting Final Exam
with Guaranteed Pass Solutions 2025-
2026 Updated.
bookkeeping - Answer Day to day keeping of transactions
steps of decision making - Answer identify issue
gather information
identify alternatives
select option that most likely results in desired objective
accounting - Answer analysis of events
record and report financial effects of business activities
where does capital come from (3) - Answer investors
creditors(lenders)
business itself (from earnings retained)
2 main types of accounting - Answer financial and managerial
managerial accounting - Answer gather and analysis of information for internal use and
decision making.
financial accounting - Answer gather, report, analysis of information for external users-
investors and creditors. summary of a business
what does managerial accounting review - Answer product cost, breakeven analysis,
budgeting, performance analysis, outsource production
what does financial accounting review - Answer credit analysis, financial health, estimate
value of the company
examples of external financial reports for financial accounting - Answer annual report,
financial statement, balance sheet, income statement, statement of cash flow
,balance sheet - Answer reports assets and liabilities. basic.
list as of a point in time. as of today, as of yesterday
income statement - Answer how much did you ,ake
period of time - from nov to jan
statement of cash flow - Answer where did the cash come from and where did the cash go
period of time - from nov to jan
lender - Answer lends money with intend to get it back plus interest. need current income,
existing obligations, existing assets, payroll stub, tax return, monthly payments, bank stmts
investor - Answer buys into your company. looks at if the business is profitable, what they
are buying, buying obligations, potential future projections
what forms will the manager of a business use - Answer both financial and managerial
fasb- what does it stand for, who are they and what do they do - Answer financial accounting
standards board
private group, not govt agency, no legal authority, conducted of people from a variety of
business related backgrounds.
establishes financial accounting and reporting standards for private sector companies
1 of the two boards that make up GAAP
gasb- what does it stand for, who are they, what do they do - Answer governmental
accounting standards board
sets accounting and financial reporting standards for state and legal governments.
authority over financial reporting by government entities
1 of the two boards that make up GAAP
gaap - Answer generally accepted accounting principles
sec - Answer Securities and Exchange Commission
regulates us stock exchange. provides investors with full and fair information about publicly
traded companies.
legal punishment
, iasb - Answer International Accounting Standards Board
develop international accounting standards. made up of members from many countries
aicpa - Answer american institute of certified public accountants
administers the cpa exam.
enforces professional sanction by taking away cpa license when acted unethically.
role and purpose of accounting - Answer accumulate and report on financial information
about performance, financial position, cash flow of a business. used to reach decisions about
how to manage the business, invest in it, or lend money to it
what is a balance sheet - Answer statement of what they have and how they financed it at a
specific point in time.
balance sheet equation - Answer assets = liabilities + owners equity
what are assets and examples - Answer what they own or control that will provide probable
future benefits
cash, accts receivable, inventory, buildings, land.
what are liabilities and examples - Answer what we owe. obligations that require future
sacrifice.
phone bill, car loan, accts payable, fed and state govt tax, mortgage, unearned revenue
what is owners equity and examples - Answer owners share, stockholders equity, how much
owner originally invested in business + how much profit they have left
capital stock- amt given by shareholders to obtain shares of stock(capital=$ so money from
stocks)
retained earnings- earnings retained in business, ex= net income
do dividends increase or decrease owners equity - Answer decrease
does investments by owners increase or decrease owners equity - Answer increase
what is an income stmt - Answer analyzes economic performance for a specific period of
time. statement of income. revenues, expenses, liabilities.
Managerial Accounting Final Exam
with Guaranteed Pass Solutions 2025-
2026 Updated.
bookkeeping - Answer Day to day keeping of transactions
steps of decision making - Answer identify issue
gather information
identify alternatives
select option that most likely results in desired objective
accounting - Answer analysis of events
record and report financial effects of business activities
where does capital come from (3) - Answer investors
creditors(lenders)
business itself (from earnings retained)
2 main types of accounting - Answer financial and managerial
managerial accounting - Answer gather and analysis of information for internal use and
decision making.
financial accounting - Answer gather, report, analysis of information for external users-
investors and creditors. summary of a business
what does managerial accounting review - Answer product cost, breakeven analysis,
budgeting, performance analysis, outsource production
what does financial accounting review - Answer credit analysis, financial health, estimate
value of the company
examples of external financial reports for financial accounting - Answer annual report,
financial statement, balance sheet, income statement, statement of cash flow
,balance sheet - Answer reports assets and liabilities. basic.
list as of a point in time. as of today, as of yesterday
income statement - Answer how much did you ,ake
period of time - from nov to jan
statement of cash flow - Answer where did the cash come from and where did the cash go
period of time - from nov to jan
lender - Answer lends money with intend to get it back plus interest. need current income,
existing obligations, existing assets, payroll stub, tax return, monthly payments, bank stmts
investor - Answer buys into your company. looks at if the business is profitable, what they
are buying, buying obligations, potential future projections
what forms will the manager of a business use - Answer both financial and managerial
fasb- what does it stand for, who are they and what do they do - Answer financial accounting
standards board
private group, not govt agency, no legal authority, conducted of people from a variety of
business related backgrounds.
establishes financial accounting and reporting standards for private sector companies
1 of the two boards that make up GAAP
gasb- what does it stand for, who are they, what do they do - Answer governmental
accounting standards board
sets accounting and financial reporting standards for state and legal governments.
authority over financial reporting by government entities
1 of the two boards that make up GAAP
gaap - Answer generally accepted accounting principles
sec - Answer Securities and Exchange Commission
regulates us stock exchange. provides investors with full and fair information about publicly
traded companies.
legal punishment
, iasb - Answer International Accounting Standards Board
develop international accounting standards. made up of members from many countries
aicpa - Answer american institute of certified public accountants
administers the cpa exam.
enforces professional sanction by taking away cpa license when acted unethically.
role and purpose of accounting - Answer accumulate and report on financial information
about performance, financial position, cash flow of a business. used to reach decisions about
how to manage the business, invest in it, or lend money to it
what is a balance sheet - Answer statement of what they have and how they financed it at a
specific point in time.
balance sheet equation - Answer assets = liabilities + owners equity
what are assets and examples - Answer what they own or control that will provide probable
future benefits
cash, accts receivable, inventory, buildings, land.
what are liabilities and examples - Answer what we owe. obligations that require future
sacrifice.
phone bill, car loan, accts payable, fed and state govt tax, mortgage, unearned revenue
what is owners equity and examples - Answer owners share, stockholders equity, how much
owner originally invested in business + how much profit they have left
capital stock- amt given by shareholders to obtain shares of stock(capital=$ so money from
stocks)
retained earnings- earnings retained in business, ex= net income
do dividends increase or decrease owners equity - Answer decrease
does investments by owners increase or decrease owners equity - Answer increase
what is an income stmt - Answer analyzes economic performance for a specific period of
time. statement of income. revenues, expenses, liabilities.
