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Black Gold Elegant Sparkling Project Presentation - 20250315 - 113721 - 0000

Management Accounting provides financial information to internal stakeholders for decision-making, differing from financial accounting which serves external stakeholders. GAAP consists of accounting rules ensuring consistency and transparency in financial reporting. The document includes quiz questions related to core financial statements, the accounting equation, depreciation, accounting methods, and budgeting.

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36 views8 pages

Black Gold Elegant Sparkling Project Presentation - 20250315 - 113721 - 0000

Management Accounting provides financial information to internal stakeholders for decision-making, differing from financial accounting which serves external stakeholders. GAAP consists of accounting rules ensuring consistency and transparency in financial reporting. The document includes quiz questions related to core financial statements, the accounting equation, depreciation, accounting methods, and budgeting.

Uploaded by

atabayoyonh
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PDF, TXT or read online on Scribd

Did you know that..

Management Accounting is a specialized branch of


accounting that focuses on providing financial
information to internal stakeholders, primarily
managers, to support their decision-making and
enhance the organization's performance. It differs from
financial accounting, which focuses on preparing
financial statements for external stakeholders like
investors and creditors.
© Investopedia
Expanded Accounting Equation

Assets = Liabilities + Owner's Capital -


Owner's Drawings + Revenues -
Expenses
What is GAAP?
The generally accepted accounting principles (GAAP)
are a set of accounting rules, standards, and procedures
issued and frequently revised by the Financial
Accounting Standards Board (FASB) and the
Governmental Accounting Standards Board (GASB).
These principles ensure consistency, accuracy, and
transparency in financial reporting across various
industries.
© Investopedia
POP QUIZ Time ⏳
Which of the following is NOT a core
financial statement:
a) Balance Sheet
b) Income Statement
c) Statement of Cash Flows
d) Statement of Retained Earnings
e) Trial Balance
POP QUIZ Time ⏳
What does the accounting equation
represent?
a) Assets + Liabilities = Equity
b) Assets = Liabilities + Equity
c) Liabilities = Assets + Equity
d) Equity = Assets + Liabilities
POP QUIZ Time ⏳
What does "depreciation" refer to
in accounting?
a) The decrease in value of an asset over time
b) The increase in value of an asset over time
c) The cost of acquiring an asset
d) The profit generated by selling an asset
POP QUIZ Time ⏳
Which accounting method recognizes revenue
and expenses when they are earned or incurred,
regardless of when cash is received or paid?
a) Cash basis accounting
b) Accrual accounting
c) Double-entry bookkeeping
d) GAAP
POP QUIZ Time ⏳
What is the primary purpose of a
budget?
a) To track past financial performance
b) To predict future financial performance
c) To prepare financial statements
d) To calculate taxes

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