Question

E18-14 (book/static) Match the following terms to the appropriate statement. Some terms may be used more than once and some terms may not be (Click the icon to view the terms.) a. b. c. Accounting systems that must follow GAAP. External parties for whom financial accounting reports are prepared. The role managers play when they are comparing the company's actual results with the planned results. Internal decision makers. d.

Answer 1

Sol:

Answer: S.No a) Appropriate Statement Accounting systems that must follow GAAP Extemal parties for whom financial accounting reports are prepared The role managers play when they are comparing the company's actual results with planned results. Intemal decision makers Terms Financial Creditors and Stockholders b) c) Controlling d) Management a) Financial accounting deals with the accounting methods and systems that must be prepared in accordance with GAAP b) For reporting to external interested parties like creditors and shareholders, the annual reports of the company are prepared. c) Control activities are the management side response to reduce the risk in the process being carried out. The managers compare the actual results with planned results to check the variance. d) Mostly the main and important decisions taken are usually by the management of the company.