Fundamentals of Financial Accounting
and Reporting Every solution is correct,
ensuring a top score in the evaluation.
Accounting - Answer An information system that provides reports to users about
economic activities of a business
Ethics - Answer Moral principles that guide the conduct of individuals
General-purpose financial statements - Answer One type of financial accounting report
distributed to external users
Financial Accounting - Answer Accounting that provides external users with information
Managerial accountants - Answer Employed in private accounting
GAAP - Answer Generally Accepted Accounting Principles that formalize accounting
Business entity concept - Answer Activities of a business are recorded separately from its
owners, creditors, and other businesses
LLC - Answer Designation from your state providing a layer of protection between owner
and company
Fiscal year - Answer The period for which financial statements are prepared
Cost Concept - Answer Assets = liabilities + owners equity
1
and Reporting Every solution is correct,
ensuring a top score in the evaluation.
Accounting - Answer An information system that provides reports to users about
economic activities of a business
Ethics - Answer Moral principles that guide the conduct of individuals
General-purpose financial statements - Answer One type of financial accounting report
distributed to external users
Financial Accounting - Answer Accounting that provides external users with information
Managerial accountants - Answer Employed in private accounting
GAAP - Answer Generally Accepted Accounting Principles that formalize accounting
Business entity concept - Answer Activities of a business are recorded separately from its
owners, creditors, and other businesses
LLC - Answer Designation from your state providing a layer of protection between owner
and company
Fiscal year - Answer The period for which financial statements are prepared
Cost Concept - Answer Assets = liabilities + owners equity
1
