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INTERMEDIATE ACCOUNTING FINAL EXAM WITH ALL EDITIONS
WITH VERIFIED QUESTION AND ANSWERS AND BEST GRADED
2025
Accounting - -answer--The information system that measures business activities, processes the
information into reports, and communicates the results to decision makers.
Financial Accounting - -answer--The field of accounting that focuses on providing information
for external decision makers.
Managerial Accounting - -answer--The field of accounting that focuses on providing information
for internal decision makers.
Certified Management Accountants (CMAs) - -answer--Certified professionals who specialize in
accounting and financial management knowledge. They typically work for a single company.
Certified Public Accountants (CPAs) - -answer--Licensed professional accountants who serve the
general public.
Creditor - -answer--Any person or business to whom a business owes money.
Corporation - -answer--A business organized under state law that is a separate legal entity.
Economic Entity Assumption - -answer--An organization that stands apart as a separate
economic unit.
Financial Accounting Standards Board (FASB) - -answer--The private organization that oversees
the creation and governance of accounting standards in the United States.
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Generally Accepted Accounting Principles (GAAP) - -answer--Accounting guidelines, currently
formulated by the Financial Accounting Standards Board (FASB); the main U.S. accounting rule
book.
Limited-Liability Company (LLC) - -answer--A company in which each member is only liable for
his or her own actions.
Partnership - -answer--A business with two or more owners that is not organized as a
corporation.
Securities and Exchange Commission (SEC) - -answer--U.S. governmental agency that oversees
the U.S. financial markets.
Sole Proprietorship - -answer--A business with a single owner.
Cost Principle - -answer--A principle that states that acquired assets and services should be
recorded at their actual cost.
Going Concern Assumption - -answer--Assumes that the entity will remain in operation for the
foreseeable future.
Stockholder - -answer--A person who owns stock in a corporation.
Audit - -answer--An examination of a company's financial statements and records.
International Accounting Standards Board (IASB) - -answer--The private organization that
oversees the creation and governance of International Financial Reporting Standards (IFRS).
INTERMEDIATE ACCOUNTING FINAL EXAM WITH ALL EDITIONS
WITH VERIFIED QUESTION AND ANSWERS AND BEST GRADED
2025
Accounting - -answer--The information system that measures business activities, processes the
information into reports, and communicates the results to decision makers.
Financial Accounting - -answer--The field of accounting that focuses on providing information
for external decision makers.
Managerial Accounting - -answer--The field of accounting that focuses on providing information
for internal decision makers.
Certified Management Accountants (CMAs) - -answer--Certified professionals who specialize in
accounting and financial management knowledge. They typically work for a single company.
Certified Public Accountants (CPAs) - -answer--Licensed professional accountants who serve the
general public.
Creditor - -answer--Any person or business to whom a business owes money.
Corporation - -answer--A business organized under state law that is a separate legal entity.
Economic Entity Assumption - -answer--An organization that stands apart as a separate
economic unit.
Financial Accounting Standards Board (FASB) - -answer--The private organization that oversees
the creation and governance of accounting standards in the United States.
, 2
Generally Accepted Accounting Principles (GAAP) - -answer--Accounting guidelines, currently
formulated by the Financial Accounting Standards Board (FASB); the main U.S. accounting rule
book.
Limited-Liability Company (LLC) - -answer--A company in which each member is only liable for
his or her own actions.
Partnership - -answer--A business with two or more owners that is not organized as a
corporation.
Securities and Exchange Commission (SEC) - -answer--U.S. governmental agency that oversees
the U.S. financial markets.
Sole Proprietorship - -answer--A business with a single owner.
Cost Principle - -answer--A principle that states that acquired assets and services should be
recorded at their actual cost.
Going Concern Assumption - -answer--Assumes that the entity will remain in operation for the
foreseeable future.
Stockholder - -answer--A person who owns stock in a corporation.
Audit - -answer--An examination of a company's financial statements and records.
International Accounting Standards Board (IASB) - -answer--The private organization that
oversees the creation and governance of International Financial Reporting Standards (IFRS).
