Accounting Game Questions and Answers

Accounting Game Questions and Answers a yearly statement called the ____ covers the financial condition and progress of an organization annual report a company's ____ is the difference between cash coming in and cash going out of a business cash flow Previous Play Next Rewind 10 seconds Move forward 10 seconds Unmute 0:04 / 0:15 Full screen Brainpower Read More items known as ___ can be converted to cash within one year current assets a ____ is a financial plan that sets forth management's expectations for revenues and that allocates the use of resources based on those expectations budget assets are relatively permanent, are called ____ and include items such as land, buildings and equipment fixed assets a ___ is the book where accounting data are first entered journal an accounting method called ____ is used for calculating the cost of inventory, and assumes that the last goods to come in are the first to go out LIFO Assets minus liabilities is the formula for owner's equity a _____ is a summary of all the data in the account ledgers to show whether the figures are correct and balanced trial balance a ____ is trained in tax law and are responsible for preparing tax returns and developing strategies tax accountant How fast an asset can be converted into cash is its liquidity a ___ is an evaluation and unbiased opinion about the accuracy of a company's financial statements audit accounting used to provide information and analyses to managers within the organization to assist in decision-making is called _____ managerial accountant a concept called ___ is a system of writing every transaction in two places double-entry bookkeeping An accountant called a ___ passes a series of examinations established by the American Institute of Certified Public Accountants CPA The economic resources owned by the firm are called assets the accounting technique called ____ is a method for calculating the cost of inventory that assumes the first goods to come in are the first to go out FIFO a firm's ___ is how much the firm earned by buying and selling or making and selling merchandise gross profit Accounting information and analyses prepared for people outside the firm is called financial accounting revenue minus expenses equals profit a financial statement called a ____ reports the financial condition of a firm at a specific time financial report accountants who work for a single firm, government agency, or nonprofit organization are called private accountants the recording, classifying, summarizing and interpreting of financial events and transactions, or ___, provides management and other interested parties the information they need to make good decisions accounting