Ch 14 OpenStax Homework

A  analyzing business transaction documents

B  preparing a trial balance

C  paying accounts payable

D  preparing the financial statements

E  recording business transactions in journal

A  double-decker bookkeeping

B  dual-notation bookkeeping

C  double-entry bookkeeping

D  tandem record keeping

E  accounting-cycle bookkeeping

A  assets – owners’ equity = liabilities

B  assets = liabilities + owners’ equity

C  assets liabilities = retained earnings

D  assets/liabilities = owners’ equity

E  assets + liabilities = owners’ equity

A  assets

B  gross sales

C  liabilities

D  net worth

E  gross worth

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

B  a warehouse for storing locks

C  an office for company CEO

D  a patent on titanium lock mechanism

E  a machine for forming the locks out of sheet metal

A  reputation as a winning team

B  the cost of getting tickets printed

C  salaries owed to its players

D  the price made for advertising on local radio

E  all of these

A  money owed to utility companies

B  promotional signs

C  accounting and inventory software

D  an expensive Chinese urn with a small crack

E  the sales prices paid by customers

A  tangibles

B  owners’ equity

C  intangibles

D  liabilities

E  assets

A  Bookkeeping

B  Financial management

C  Record keeping

D  Accounting

E  Auditing

A  consolidated monetary auditor

B  certified monetary auditor

C  certified managerial accountant

D  certified motivational accountant

E  centralized managerial accountant

A  certified private accountant

B    

C  financial analyst

D  professional accountant

E  certified tax specialist

F  certified public accountant

A  public auditors

B  tax consultants

C  private accountants

D  private auditors

E  public accountants

A  Public auditors

B  Public accountants

C  Tax reviewers

D  Financial strategists

E  Private accountants

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

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

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

D  Private accountants are also called corporate accountants.

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

A  firm summary

B  financial analysis

C  earnings report

D  trial balance

E  annual report

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

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

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

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  generally accepted accounting principles

B  principled accounting procedures

C  financial accounting standards

D  accounting rules and principles

E  comparable accounting standards

A  External accounting; Internal accounting

B  Auditing; Managerial accounting

C  Bookkeeping; Financial accounting

D    

E  Financial accounting; Managerial accounting

F  Financial accounting; Auditing