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Revision Examination Tests
“Come all for this greatness”
...100% Correct Ans...
INTERMEDIATE ACCOUNTING PACK EXAMS 2024/2025(100% CORRECT
ANSWERS)
external users of accounting information
ans: Investors, creditors, employees, labor unions, customers, suppliers,
government regulatory agencies, financial intermediaries
financial accounting
ans: Provides relevant financial information to various external users.
managerial accounting
ans: deals with the concepts and methods used to provide information to an
organization's internal users
GAAP
ans:set of both broad and specific guidelines that companies should follow when
measuring and reporting the information in their financial statements and related
notes
SEC
, ans:responsible for setting accounting and reporting standards for companies whose
securities are publicly traded
FASB
ans:the current private sector body that has been delegated the task of setting
accounting standards.
IASB
ans:objectives are to develop a single set of high-quality understandable global
accounting standards, to promote the use of those standards, and to bring about the
convergence of national accounting standards and international accounting
standards
IFRS
ans:developed by the IASB and used by more than 100 countries
SOX
ans:law provides for the regulation of the key players in the financial reporting
process
Initial market transactions
ans:involves issuance of stocks and bonds by the corporation
Secondary market transactions
ans:involves the transfer of stocks and bonds between individuals and institutions
Revision Examination Tests
“Come all for this greatness”
...100% Correct Ans...
INTERMEDIATE ACCOUNTING PACK EXAMS 2024/2025(100% CORRECT
ANSWERS)
external users of accounting information
ans: Investors, creditors, employees, labor unions, customers, suppliers,
government regulatory agencies, financial intermediaries
financial accounting
ans: Provides relevant financial information to various external users.
managerial accounting
ans: deals with the concepts and methods used to provide information to an
organization's internal users
GAAP
ans:set of both broad and specific guidelines that companies should follow when
measuring and reporting the information in their financial statements and related
notes
SEC
, ans:responsible for setting accounting and reporting standards for companies whose
securities are publicly traded
FASB
ans:the current private sector body that has been delegated the task of setting
accounting standards.
IASB
ans:objectives are to develop a single set of high-quality understandable global
accounting standards, to promote the use of those standards, and to bring about the
convergence of national accounting standards and international accounting
standards
IFRS
ans:developed by the IASB and used by more than 100 countries
SOX
ans:law provides for the regulation of the key players in the financial reporting
process
Initial market transactions
ans:involves issuance of stocks and bonds by the corporation
Secondary market transactions
ans:involves the transfer of stocks and bonds between individuals and institutions
