Ch 14 OpenStax Homework

A  paying accounts payable

B  preparing the financial statements

C  preparing a trial balance

D  recording business transactions in journal

E  analyzing business transaction documents

A  double-entry bookkeeping

B  double-decker bookkeeping

C  tandem record keeping

D  dual-notation bookkeeping

E  accounting-cycle bookkeeping

A  assets – owners’ equity = liabilities

B  assets = liabilities + owners’ equity

C  assets/liabilities = owners’ equity

D  assets + liabilities = owners’ equity

E  assets liabilities = retained earnings

A  gross sales

B  gross worth

C  liabilities

D  assets

E  net worth

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

B  a warehouse for storing locks

C  a machine for forming the locks out of sheet metal

D  an office for company CEO

E  a patent on titanium lock mechanism

A  reputation as a winning team

B  the cost of getting tickets printed

C  all of these

D  the price made for advertising on local radio

E  salaries owed to its players

A  money owed to utility companies

B  promotional signs

C  an expensive Chinese urn with a small crack

D  accounting and inventory software

E  the sales prices paid by customers

A  tangibles

B  liabilities

C  owners’ equity

D  intangibles

E  assets

A  Financial management

B  Accounting

C  Auditing

D  Bookkeeping

E  Record keeping

A  certified motivational accountant

B  consolidated monetary auditor

C  certified managerial accountant

D  certified monetary auditor

E  centralized managerial accountant

A  financial analyst

B  certified public accountant

C  professional accountant

D  certified private accountant

E  certified tax specialist

F    

A  public auditors

B  private accountants

C  private auditors

D  tax consultants

E  public accountants

A  Tax reviewers

B  Public auditors

C  Private accountants

D  Public accountants

E  Financial strategists

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

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

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

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

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

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

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

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

A  principled accounting procedures

B  comparable accounting standards

C  generally accepted accounting principles

D  financial accounting standards

E  accounting rules and principles

A    

B  Financial accounting; Managerial accounting

C  Bookkeeping; Financial accounting

D  Auditing; Managerial accounting

E  Financial accounting; Auditing

F  External accounting; Internal accounting