Ch 14 OpenStax Homework

A  analyzing business transaction documents

B  recording business transactions in journal

C  paying accounts payable

D  preparing the financial statements

E  preparing a trial balance

A  double-decker bookkeeping

B  tandem record keeping

C  double-entry bookkeeping

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 = retained earnings

E  assets/liabilities = owners’ equity

A  net worth

B  gross worth

C  liabilities

D  gross sales

E  assets

A  a warehouse for storing locks

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

C  a machine for forming the locks out of sheet metal

D  a patent on titanium lock mechanism

E  an office for company CEO

A  the cost of getting tickets printed

B  the price made for advertising on local radio

C  reputation as a winning team

D  salaries owed to its players

E  all of these

A  promotional signs

B  money owed to utility companies

C  the sales prices paid by customers

D  accounting and inventory software

E  an expensive Chinese urn with a small crack

A  tangibles

B  owners’ equity

C  assets

D  intangibles

E  liabilities

A  Auditing

B  Accounting

C  Financial management

D  Record keeping

E  Bookkeeping

A  certified monetary auditor

B  certified managerial accountant

C  consolidated monetary auditor

D  certified motivational accountant

E  centralized managerial accountant

A  financial analyst

B  professional accountant

C  certified tax specialist

D  certified public accountant

E    

F  certified private accountant

A  private accountants

B  tax consultants

C  public auditors

D  private auditors

E  public accountants

A  Public auditors

B  Financial strategists

C  Private accountants

D  Public accountants

E  Tax reviewers

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

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

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

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

E  Private accountants are also called corporate accountants.

A  trial balance

B  earnings report

C  firm summary

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  generally accepted accounting principles

B  financial accounting standards

C  principled accounting procedures

D  comparable accounting standards

E  accounting rules and principles

A  External accounting; Internal accounting

B  Bookkeeping; Financial accounting

C  Financial accounting; Managerial accounting

D  Auditing; Managerial accounting

E    

F  Financial accounting; Auditing