ETHICAL BEHAVIOR OF ACCOUNTANTS 25 Several accounting organizations have

Ethical behavior of accountants 25 several accounting

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ETHICAL BEHAVIOR OF ACCOUNTANTS 25.Several accounting organizations have formulated codes of ethics that govern thebehavior of their members. CRITICAL THINKING AND COMMUNICATION SKILLS 26.Accounting students need to work on developing critical thinking and communicationskills.
Study Guide, Introduction5COMPLETION1.Accounting is primarily an information system with three objectives - to , , and relevant to users for their decision-making needs. economic information that is 2.The four major employment fields in accounting are , , , and . 3.Financial accounting information generally relates to a company as a and is usually in nature. 4.Accounting deals primarily with information regarding activities of a business and is expressed in terms. 5.Accountants who offer their services solely to a single profit-seeking organization are said to be inor accounting. 6.An independent, professional accountant, licensed by the state to practice as a certifiedpublic accountant (CPA), may offer clients three types of services, namely, , , and services. 7.The decisions that must be made by the management of a business generally fall intofour major categories: (a) , (b) (c) , and (d) decisions. That part of the accounting discipline called upon to provide information for such internal decision making is called accounting. 8.The two tests that information supplied by managerial accountants must meet are: a.b.9.The dominant influence over the past half century in the development of financialaccounting standards is the . 10.The Public Companies Accounting Oversight Board is overseen by the . 11.The major influence in the private sector in the development of new governmentalaccounting concepts and standards is the . 12.An accountant's most valuable asset is his or her . 13.Accountants in practice have generally been dissatisfied with accounting students’ability to think _and to their ideas effectively inwriting or orally.
6 Financial Accounting: A Business Perspective 10e1.identify; measure; communicate SOLUTIONS2.public accounting; private accounting; governmental and other not-for-profitaccounting; and higher education 3.whole; historical 4.economic; monetary 5.private or industrial 6.auditing; management advisory; tax 7.(a) financial, (b) resource allocation, (c) production, (d) marketing; managerial 8.a. It must be useful. b. It must not cost more to gather than it is worth (this test is known as the cost/benefittest). 9.American Institute of Certified Public Accountants 10.Securities and Exchange Commission 11.Governmental Accounting Standards Board 12.reputation 13.critically; communicate
Study Guide, Chapter 1 7 CHAPTER 1ACCOUNTINGAND ITS USE IN BUSINESS DECISIONSLearning Objectives

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