List four external users of accounting information.

BRIEF EXERCISE 1.1

Users of Information

Match the terms on the left with the descriptions on the right. Each description should be used only once.

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BRIEF EXERCISE 1.2

Components of Internal Control

Why does accounting rely on inexact or approximate measures?

BRIEF EXERCISE 1.3

Inexact or Approximate Measures

What are the two primary organizations in the U.S. that are responsible for setting standards related to the preparation of accounting information?

BRIEF EXERCISE 1.4

Standards for the Preparation of Accounting Information

The FASB’s conceptual framework sets forth the Board’s views on which topics?

BRIEF EXERCISE 1.5

FASB Conceptual Framework

Use the Web to find the home page of the PCAOB. What are the four primary activities of the PCAOB?

BRIEF EXERCISE 1.6

Public Company Accounting Oversight Board (PCAOB)

Who are the sponsoring organizations of COSO, and what is COSO best known for doing?

BRIEF EXERCISE 1.7

Committee of Sponsoring Organizations (COSO)

List three professional certifications offered in accounting and the organizations that offer them.

BRIEF EXERCISE 1.8

Professional Certifications in Accounting

Match the terms on the left with the descriptions on the right. Each description should be used only once.

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BRIEF EXERCISE 1.9

AICPA Code of Professional Conduct

List three accounting-related skills that are useful to many people in their personal lives.

BRIEF EXERCISE 1.10

Personal Benefits of Accounting Skills