Financial and Managerial Accounting: The Basis
for Business Decisions – Solutions & Instructor’s
Manual (20th Edition) | Jan R. Williams, Mark S.
Bettner & Kevin R. Smith | ISBN 9781264445240
Accounting - answers-The information system that measures business activities, processes the
information into reports, and communicates the results to decision makers.
Financial Accounting - answers-The field of accounting that focuses on providing information for
external decision makers.
Managerial Accounting - answers-The field of accounting that focuses on providing information
for internal decision makers.
Creditor - answers-Any person or business to whom a business owes money.
Certified Public Accountant (CPAs) - answers-Licensed professional accountants who serve the
general public.
Controllers - answers-Compile financial statements, interact with auditors, and oversee
regulatory reporting.
Financial analysts - answers-Review financial data and help to explain the story behind the
numbers.
1
, Business systems analysts - answers-Accounting knowledge to create computer systems.
Tax accountants - answers-Help companies navigate tax laws.
Auditors - answers-Perform reviews of companies to ensure compliance to rules and
regulations.
Cost accountants - answers-Typically work in a manufacturing business. Help analyze accounting
data.
Financial Accounting Standards Board (FASB) - answers-The private organization that oversees
the creation and governance of accounting standards in the United States.
Securities and Exchange Commission (SEC) - answers-U.S. governmental agency that oversees
the U.S. financial markets.
Generally Accepted Accounting Principles (GAAP) - answers-Accounting guidelines, currently
formulated by the Financial Accounting Standards Board (FASB); the main U.S. accounting rule
book.
Economic Entity Assumption - answers-An organization that stands apart as a separate
economic unit.
Stockholder - answers-A person who owns stock in a corporation.
Sole Proprietorship - answers-A business with a single owner.
2
for Business Decisions – Solutions & Instructor’s
Manual (20th Edition) | Jan R. Williams, Mark S.
Bettner & Kevin R. Smith | ISBN 9781264445240
Accounting - answers-The information system that measures business activities, processes the
information into reports, and communicates the results to decision makers.
Financial Accounting - answers-The field of accounting that focuses on providing information for
external decision makers.
Managerial Accounting - answers-The field of accounting that focuses on providing information
for internal decision makers.
Creditor - answers-Any person or business to whom a business owes money.
Certified Public Accountant (CPAs) - answers-Licensed professional accountants who serve the
general public.
Controllers - answers-Compile financial statements, interact with auditors, and oversee
regulatory reporting.
Financial analysts - answers-Review financial data and help to explain the story behind the
numbers.
1
, Business systems analysts - answers-Accounting knowledge to create computer systems.
Tax accountants - answers-Help companies navigate tax laws.
Auditors - answers-Perform reviews of companies to ensure compliance to rules and
regulations.
Cost accountants - answers-Typically work in a manufacturing business. Help analyze accounting
data.
Financial Accounting Standards Board (FASB) - answers-The private organization that oversees
the creation and governance of accounting standards in the United States.
Securities and Exchange Commission (SEC) - answers-U.S. governmental agency that oversees
the U.S. financial markets.
Generally Accepted Accounting Principles (GAAP) - answers-Accounting guidelines, currently
formulated by the Financial Accounting Standards Board (FASB); the main U.S. accounting rule
book.
Economic Entity Assumption - answers-An organization that stands apart as a separate
economic unit.
Stockholder - answers-A person who owns stock in a corporation.
Sole Proprietorship - answers-A business with a single owner.
2
