TRUE FALSE Ascounting is a system for recogniting, recording, organizing. acalyz

Question

TRUE FALSE Ascounting is a system for recogniting, recording, organizing. acalyzing, summarizing reporting infonmation about the financial transactions that affect an organizaion Key users of a corporation's accounting information inclade managers, govenmenr agencies, and stockholders The sccounting profession is seldom concerned with the interpretasion of finacial informatio Generaly scopted accouming principkes (GAAP) ate a set of accouating staodards ased in the preparation of financial statements The purpose ot GAAP is to specify the procedures used in managerial accounsing to prepare budgets and cost reports Acconding to the accounting equation, Assets-Expenses-Net lacome procedures and enbance financial reporting for publicly traded firms T The Sarbanes-Oxley Act of 2002 included provisions designed to improve extemal auditing Budgeting is a management tool that explicitly shows how a firm will acquire and use resources mecded to achieve its goals over a specific time period

Explanation / Answer

False. Accounting does not involve analysing the reports. It involves identifying, recording, measuring, classifying, verifying and summarising the financial information. False. Key users of financial statements include management, government agencies and stakeholders True. True. False.GAAP is used for prepating financial statements, notmanagerial reports. False. Accounting equation states Assets=Liabilities+Capital True. True.

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