COMM 293- Midterm Exam Guide - Comprehensive Notes for the exam ( 26 pages long!)
Document Summary
Accounting - three basic activities identifies, records, and communicates the economic events of an organization to interested users. Financial accounting provides economic and financial information for external users. Managerial accounting provides internal reports to help users make decisions about their companies. Bookkeeping usually only the recording of economic events. Congress passed the sarbanes-oxley act (sox) to reduce unethical corporate behavior and decrease the likelihood of future corporate scandals primary accounting standard-setting body in the united states is the financial accounting standards. Securities and exchange commission (sec) - agency of the u. s. government that oversees u. s. financial markets and accounting standard-setting bodies. The accounting profession has developed standards that are generally accepted and universally practiced. This common set of standards is called generally accepted accounting principles (gaap). Many countries outside of the united states have adopted the accounting standards issued by the. These standards are called international financial reporting standards (ifrs).
