Ch 14 OpenStax Homework

A  paying accounts payable

B  recording business transactions in journal

C  preparing a trial balance

D  preparing the financial statements

E  analyzing business transaction documents

A  tandem record keeping

B  dual-notation bookkeeping

C  double-decker bookkeeping

D  double-entry bookkeeping

E  accounting-cycle bookkeeping

A  assets/liabilities = owners’ equity

B  assets – owners’ equity = liabilities

C  assets + liabilities = owners’ equity

D  assets liabilities = retained earnings

E  assets = liabilities + owners’ equity

A  gross worth

B  assets

C  gross sales

D  liabilities

E  net worth

A  a warehouse for storing locks

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

C  an office for company CEO

D  a machine for forming the locks out of sheet metal

E  a patent on titanium lock mechanism

A  the cost of getting tickets printed

B  reputation as a winning team

C  all of these

D  the price made for advertising on local radio

E  salaries owed to its players

A  accounting and inventory software

B  an expensive Chinese urn with a small crack

C  the sales prices paid by customers

D  money owed to utility companies

E  promotional signs

A  assets

B  tangibles

C  intangibles

D  owners’ equity

E  liabilities

A  Record keeping

B  Accounting

C  Auditing

D  Bookkeeping

E  Financial management

A  centralized managerial accountant

B  certified motivational accountant

C  certified monetary auditor

D  certified managerial accountant

E  consolidated monetary auditor

A  financial analyst

B  certified tax specialist

C  professional accountant

D    

E  certified public accountant

F  certified private accountant

A  public auditors

B  public accountants

C  private accountants

D  private auditors

E  tax consultants

A  Public auditors

B  Public accountants

C  Private accountants

D  Tax reviewers

E  Financial strategists

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

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

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

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

E  Private accountants are also called corporate accountants.

A  firm summary

B  trial balance

C  financial analysis

D  earnings report

E  annual report

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

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

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

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

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

A  principled accounting procedures

B  financial accounting standards

C  comparable accounting standards

D  generally accepted accounting principles

E  accounting rules and principles

A    

B  Auditing; Managerial accounting

C  Financial accounting; Auditing

D  Financial accounting; Managerial accounting

E  Bookkeeping; Financial accounting

F  External accounting; Internal accounting