Homework Problems - CA11 A . ,measuring,analyzing,

Info icon This preview shows pages 1–3. Sign up to view the full content.

View Full Document Right Arrow Icon
CA1-1 A) Financial accounting is the process that culminates in the preperation of fina on the enterprise for use by both internal and external parties.  Managerial a is the process of identifying, measuring, analyzing, and communicating finac information needed by management to plan, control, and evaluate a compan operations. B) The financila statements most frequently provided are the balance sheet, inc statement, cash flow, and statement of owners equity. C) Financial statements are the principal means through which a company com financial information to those outside it.  These statements provide a compan quantified in money terms.  Financial reporting is financial information better  outside the financial statements.  An example of financial reporting is the pre letter.   CA1-7 A)  The CAP was appointed in 1939 by the AICPA.  The committee dealt with a  accounting problems on a problem-by-problem basis.  When this approach fa provide the needed structure the AICPA created the APB in 1959.  The APB to develop an overall conceptual framework to assist in the resolution of prob they become evident and to substantively research individual issues before t issued pronouncements.  The APB only lasted until 1973 and during its exist 31 opinions.  The Wheat Committee recommendations resulted in the demis APB and the FASB was created.  The mission of the FASB is to establish an the standards of financial accounting and reporting for the guidance and edu the public, which includes issuers, auditors, and users of financial information B) Based on the above, this would support the "politicization" of accounting rule The SEC was developed by the federal government.  The SEC then created committees that replaced each other when one was faiing. C) Arguments against "politicization" of accounting rule-making is the SEC and  committees are not federal organizations and were not dismissed by the gov CA1-9 A) AICPA - American Institute of Certified Public Accountants is the national pro organization of practicing CPAs and is an important contributor to the develo GAAP. B) CAP - Committee on Accounting Procedure composed of practicing CPAs an ARBs from 1939-1959 dealing with a variety of accounting problems. C) ARB - Accounting Research Bulletins contained recommended accounting p D) APB - Accounting Principles Board is to advance the written expression of ac principles, determine appropriate practices, and narrow the areas of differenc inconsistency in practice.
Image of page 1

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full Document Right Arrow Icon
E) FAF - Financial Accounting Foundation selects the members of the FASB.
Image of page 2
Image of page 3
This is the end of the preview. Sign up to access the rest of the document.

{[ snackBarMessage ]}

What students are saying

  • Left Quote Icon

    As a current student on this bumpy collegiate pathway, I stumbled upon Course Hero, where I can find study resources for nearly all my courses, get online help from tutors 24/7, and even share my old projects, papers, and lecture notes with other students.

    Student Picture

    Kiran Temple University Fox School of Business ‘17, Course Hero Intern

  • Left Quote Icon

    I cannot even describe how much Course Hero helped me this summer. It’s truly become something I can always rely on and help me. In the end, I was not only able to survive summer classes, but I was able to thrive thanks to Course Hero.

    Student Picture

    Dana University of Pennsylvania ‘17, Course Hero Intern

  • Left Quote Icon

    The ability to access any university’s resources through Course Hero proved invaluable in my case. I was behind on Tulane coursework and actually used UCLA’s materials to help me move forward and get everything together on time.

    Student Picture

    Jill Tulane University ‘16, Course Hero Intern