Ch 14 OpenStax Homework

A  preparing the financial statements

B  paying accounts payable

C  recording business transactions in journal

D  preparing a trial balance

E  analyzing business transaction documents

A  double-entry bookkeeping

B  double-decker bookkeeping

C  dual-notation bookkeeping

D  accounting-cycle bookkeeping

E  tandem record keeping

A  assets/liabilities = owners’ equity

B  assets – owners’ equity = liabilities

C  assets liabilities = retained earnings

D  assets = liabilities + owners’ equity

E  assets + liabilities = owners’ equity

A  assets

B  gross sales

C  net worth

D  gross worth

E  liabilities

A  a machine for forming the locks out of sheet metal

B  a warehouse for storing locks

C  a patent on titanium lock mechanism

D  money owed to them by a do-it-yourself superstore chain

E  an office for company CEO

A  salaries owed to its players

B  reputation as a winning team

C  the price made for advertising on local radio

D  all of these

E  the cost of getting tickets printed

A  the sales prices paid by customers

B  money owed to utility companies

C  accounting and inventory software

D  promotional signs

E  an expensive Chinese urn with a small crack

A  assets

B  liabilities

C  intangibles

D  owners’ equity

E  tangibles

A  Bookkeeping

B  Record keeping

C  Accounting

D  Auditing

E  Financial management

A  consolidated monetary auditor

B  certified managerial accountant

C  centralized managerial accountant

D  certified monetary auditor

E  certified motivational accountant

A  certified private accountant

B  certified tax specialist

C  financial analyst

D  professional accountant

E  certified public accountant

F    

A  tax consultants

B  public auditors

C  public accountants

D  private auditors

E  private accountants

A  Financial strategists

B  Private accountants

C  Tax reviewers

D  Public auditors

E  Public accountants

A  Managerial accountants become a certified management accountant when they meet the requirements of the professional certification program.

B  All of these statement about the accounting profession are true.

C  Public accountants serve individuals and organizations on a fee basis.

D  Most CPAs first work for public accounting firms and later become private accountants or financial managers.

E  Private accountants are also called corporate accountants.

A  earnings report

B  firm summary

C  trial balance

D  annual report

E  financial analysis

A  federal government agency that mediates disputes between accountants and the companies they work for

B  federal government agency that is responsible for establishing managerial accounting standards for NAFTA members

C  United Nations organization that is responsible for establishing financial accounting standards globally

D  private organization that is responsible for establishing financial accounting standards in the United States

E  federal government agency that is responsible for establishing financial accounting standards in the United States

A  accounting rules and principles

B  principled accounting procedures

C  generally accepted accounting principles

D  financial accounting standards

E  comparable accounting standards

A    

B  Financial accounting; Auditing

C  Financial accounting; Managerial accounting

D  External accounting; Internal accounting

E  Bookkeeping; Financial accounting

F  Auditing; Managerial accounting