An example of an accounting assumption is a(n) a. accounting system. b. accounting statement. c. going concern. d. computerized accounting.

Access the FASB Accounting Standards Codification at the FASB website ( asc.fasb.org ). Determine the specific citation for accounting for each of the following items: 1. Reporting most changes in accounting principle. 2. Disclosure requirements for a change in accounting principle. 3. Illustration of the application of a retrospective change in the method of accounting for inventory.

General-purpose financial statements are the product of

a. financial accounting.
b. managerial accounting.
c. both financial and managerial accounting.
d. neither financial nor managerial accounting.

Why is managerial accounting relevant to accounting majors and their future careers?

“This one’s got me stumped,” you say to no one in particular. “First day on the job; I’d better get it right.” It’s the classification of notes payable in the statement of cash flows that has you in doubt. Having received an “A” in Intermediate Accounting, you know that a note payable representing a bank loan is a financing activity, but this one is a note payable to your employer’s primary merchandise supplier. “I wonder if the accounting is the same.” Required: 1. Obtain the relevant authoritative literature on cash flow classification using the FASB Accounting Standards Codification . You might gain access at the FASB website ( asc.fasb.org ). What is the specific citation that specifies the classification of notes payable to suppliers? 2. Is accounting the same as for notes payable to banks? Explain. 3. Is accounting the same for both short-term and long-term notes payable to suppliers?

How does management accounting differ from financial accounting?

Discuss the differences between lean accounting and traditional cost accounting.

a. Describe the purpose of accounting. b. What does the accounting system do?

A business in which two or more persons combine their assets is called a(an) a. corporation. b. sole proprietorship. c. partnership. d. merchandising business. e. none of these answers.

a. What is the accounting equation? b. Give an example of an account for each part of the accounting equation.

Accounting designed to meet the needs of decision-makers inside the business is:

a. general accounting

b. financial accounting

c. managerial accounting

d. external accounting

What are the major differences between managerial accounting and financial accounting?

What is the difference between management accounting and financial accounting?

A business transaction that involves a purchase on account is considered to be a(n) a. cash transaction. b. credit transaction. c. investment of the owner d. expense transaction.