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Question & Answer:

  • What do we mean when we say that accounting is a means rather than an end?
  • Accounting is sometimes described as the language of business. What is meant by this description?
  • What kinds of organizations, in addition to businesses, use accounting information?
  • What is the primary distinction between financial accounting and managerial accounting?
  • Describe the relatioliship among the accounting process, accounting information, decision makers, and economic activities.
  • What are some examples of nonfinancial information that is often used by management in performing its duties?
  • What is an accounting system and what is the primary objective of such t system?
  • What do we mean when we say that an accounting system needs to be “cost-effective”?
  • What are the- three basic functions of every accounting -system?
  • Who designs and installs accounting systems?
  • Generally describe and give several examples of external users of accounting information?
  • What are the two primary -external groups to which financial accounting information is directed?
  • What do we mean when we say that investors and creditors are interested in a company’s “cash flow prospects”?
  • When you invest your savings in a company, what is the difference between the return on your investment and the return of your investment?
  • Going from general to specific, what are the three primary objectives of financial accounting information?
  • What are time three primary financial statements with which we communicate financial accounting- information?
  • Do the terms financial reporting and financial statements mean the same thing? Explain
  • Is externally reported financial information always precise and accurate?
  • What do we mean when we say that financial accounting information is “general-purpose?
  • How does management’s explanation enhance the usefulness of financial accounting information?