Suppose you are starting a business, Wholly Shirts, to imprint logos on T-shirts. In organizing the business and setting up its accounting records, you take your information to a CPA to prepare financial statements for the bank. Name the organization that governs the majority of the guidelines that the CPA will use to prepare financial statements for Wholly Shirts. What are those guidelines called?
The organization is called the
Financial Accounting Standards Board.
The guidelines are called
Generally Accepted Accounting Principles
that the CPA will use to prepare financial statements for Wholly Shirts.
For each user of accounting information, identify if the user would use financial accounting (FA) or managerial accounting (MA).
|c.||Internal Revenue Service||FA|
|d.||manager of the business||MA|
|g.||human resources director||MA|