Ch 14 OpenStax Homework

A  preparing the financial statements

B  recording business transactions in journal

C  analyzing business transaction documents

D  preparing a trial balance

E  paying accounts payable

A  double-decker bookkeeping

B  tandem record keeping

C  accounting-cycle bookkeeping

D  double-entry bookkeeping

E  dual-notation bookkeeping

A  assets = liabilities + owners’ equity

B  assets liabilities = retained earnings

C  assets/liabilities = owners’ equity

D  assets – owners’ equity = liabilities

E  assets + liabilities = owners’ equity

A  liabilities

B  net worth

C  gross sales

D  assets

E  gross worth

A  an office for company CEO

B  a machine for forming the locks out of sheet metal

C  a warehouse for storing locks

D  a patent on titanium lock mechanism

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

A  the cost of getting tickets printed

B  all of these

C  salaries owed to its players

D  the price made for advertising on local radio

E  reputation as a winning team

A  promotional signs

B  accounting and inventory software

C  an expensive Chinese urn with a small crack

D  money owed to utility companies

E  the sales prices paid by customers

A  assets

B  owners’ equity

C  intangibles

D  liabilities

E  tangibles

A  Auditing

B  Accounting

C  Bookkeeping

D  Record keeping

E  Financial management

A  centralized managerial accountant

B  certified monetary auditor

C  certified motivational accountant

D  certified managerial accountant

E  consolidated monetary auditor

A  financial analyst

B  certified tax specialist

C  certified public accountant

D  certified private accountant

E  professional accountant

F    

A  private accountants

B  public accountants

C  tax consultants

D  public auditors

E  private auditors

A  Public auditors

B  Tax reviewers

C  Financial strategists

D  Public accountants

E  Private accountants

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

B  Private accountants are also called corporate accountants.

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

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

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

A  firm summary

B  financial analysis

C  annual report

D  trial balance

E  earnings report

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

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

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  Financial accounting; Auditing

C  Auditing; Managerial accounting

D  Bookkeeping; Financial accounting

E  External accounting; Internal accounting

F  Financial accounting; Managerial accounting