Questions from Intermediate Accounting

Q: What is the difference between a point-in-time element

What is the difference between a point-in-time element and a period-of-time element?

Q: What are the roles and responsibilities of an external auditor?

What are the roles and responsibilities of an external auditor?

Q: What is the function of the accounting standard setters?

What is the function of the accounting standard setters?

Q: Describe what is meant by the term “general-purpose financial

Describe what is meant by the term “general-purpose financial statements.” Discuss what group(s) benefit(s) from general-purpose financial statements.

Q: What is the definition of financial accounting?

What is the definition of financial accounting?

Q: Match the financial statement users and other parties involved in the use

Match the financial statement users and other parties involved in the use of and preparation of financial information with their role.

Q: Identify at least four different types of financial statement users and discuss

Identify at least four different types of financial statement users and discuss why each would use the financial statements.

Q: Identify at least three types of parties in the financial reporting process

Identify at least three types of parties in the financial reporting process and discuss why each would be interested in the financial statements.

Q: What is an economic entity?

What is an economic entity?

Q: Briefly explain how the financial statement preparers, users, and other

Briefly explain how the financial statement preparers, users, and other interested parties are involved in the standard-setting process for U.S. GAAP.