Distinguishing products to make them desirable and unique compared to competitors

Product-Differentiation Strategy:

Users of accounting information are broadly categorized into two groups:

A. Internal Users and B. External Users

Financial reports designed to serve the diverse decision-making needs of a wide range of external users

General-purpose financial statements

The foundational framework upon which accounting standards are built.

Accounting Principles and Assumptions

Primary responsibility for developing accounting standards in the U.S. Maintains the Accounting Standards Codification, an electronic database of all GAAP accounting standards.

Financial Accounting Standards Board (FASB)

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Accou ch.1

chap 1

Question	Answer
information system that measures, records, and reports financial information about a company.	Accounting
Distinguishing products to make them desirable and unique compared to competitors	Product-Differentiation Strategy:
Offering products at a lower price than competitors.	Low-Cost Strategy:
Users of accounting information are broadly categorized into two groups:	A. Internal Users and B. External Users
• Who: Managers and employees directly involved in operating the business.	A. Internal Users
• Objective: Provide relevant and timely information for internal decision-making.	A. Internal Users
• Area of Accounting: Managerial Accounting (or Management Accounting).	A. Internal Users
• Information Sensitivity: Often sensitive and not shared externally (e.g., customer data, pricing strategies, expansion plans).	A. Internal Users
• Employment: Managerial accountants are typically employed in private accounting.	A. Internal Users
• Who: Investors, creditors, customers, government agencies, and others not directly involved in managing the business.	B. External Users
• Area of Accounting: Financial Accounting.	B. External Users
• Objective: Provide relevant and timely information for external decision-making.	B. External Users
The area of accounting focused on providing information to internal users (managers and employees) for decision-making.	Managerial Accounting
Financial reports designed to serve the diverse decision-making needs of a wide range of external users	General-purpose financial statements
Moral principles that guide individual conduct.	Ethics
Accountants employed directly by a business, government, or not-for-profit entity.	Private Accounting
Accountants who provide services on a fee basis, either individually or as part of a public accounting firm.	Public Accounting
Uses funds from new investors to pay returns to existing investors, rather than actual investment performance	Ponzi Scheme.
a collection of accounting standards, principles, and assumptions that dictate how financial information is reported in the United States.	GAAP
Rules that govern the accounting treatment of individual business transactions	Accounting Standards
The foundational framework upon which accounting standards are built.	Accounting Principles and Assumptions
Primary responsibility for developing accounting standards in the U.S. Maintains the Accounting Standards Codification, an electronic database of all GAAP accounting standards.	Financial Accounting Standards Board (FASB)

Created by: Katzmomi

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