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Homework answers / question archive / Northeastern University ACCOUNTING 1201 Exam 1 Concepts for Review Chapter 1 1)What is financial accounting? How is it different from managerial accounting? Who uses accounting information? What are the four primary financial statements issued by companies? What is the purpose of each? Which of them shows position vs

Northeastern University ACCOUNTING 1201 Exam 1 Concepts for Review Chapter 1 1)What is financial accounting? How is it different from managerial accounting? Who uses accounting information? What are the four primary financial statements issued by companies? What is the purpose of each? Which of them shows position vs

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Northeastern University

ACCOUNTING 1201

Exam 1 Concepts for Review

Chapter 1

1)What is financial accounting?

How is it different from managerial accounting?
Who uses accounting information?
What are the four primary financial statements issued by companies? What is the purpose of each? Which of them shows position vs. performance?
What is the basic accounting equation?

What are assets / liabilities / stockholders’ equity?
What is the basic equation for an income statement?
What are revenues / expenses?
What is the equation for retained earnings?
What are the three types of cash flow activities on the Statement of Cash Flows? What is included under each category?
How do each of the four financial statements relate to the other statements?

What are the roles of the SEC / FASB?
Who creates GAAP, and what is it?
What is the role of an auditor?

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