MIE 201 Test 5
accounting - correct answer the recording, measurement, and interpretation of financial information
certified public accountant (CPA) - correct answer an individual who has been state certified to provide accounting services ranging from the preparation of financial records and ...
MIE 201 Test 5 Makanui
accounting - correct answer the recording, measurement, and interpretation of financial information
certified public accountant (CPA) - correct answer an individual who has been state certified to provide accounting services ranging from the preparation of financial records and the filing of tax returns to complex audits of corporate financial records
forensic accounting - correct answer accounting that is fit for legal review, involves analyzing financial documents in search of fraudulent entries or financial misconduct
private accountants - correct answer accountants employed by large corporations, government agencies,
and other organizations to prepare and analyze their financial statements
certified management accountants (CMAs) - correct answer private accountants who, after rigorous examination, are certified by the Institute of Management Accountants and who have some managerial responsibility
bookkeeping - correct answer often mistaken for accounting but is typically limited to the routine, day-
to-day recording of business transactions
managerial accounting - correct answer the internal use of accounting statements by managers in planning and directing the organization's activities
cash flow - correct answer the movement of money through an organization over a daily, weekly, monthly, or yearly basis
budget - correct answer an internal financial plan that forecasts expenses and income over a set period of time annual report - correct answer summary of a firm's financial information, products, and growth plans for owners and potential investors
assets - correct answer a firm's economic resources, or items of value that it owns, such as cash, inventory, land, equipment, buildings, and other tangible and intangible things
liabilities - correct answer debts that a firm owes to others
owner's equity - correct answer equals assets minus liabilities and reflects historical values
accounting equation - correct answer assets = liabilities + owner's equity
double-entry bookkeeping - correct answer a system of recording and classifying business transactions that maintains the balance of the accounting equation
accounting cycle - correct answer the four-step procedure of an accounting system: examining source documents, recording transactions in an accounting journal, posting recorded transactions, and preparing financial statements
journal - correct answer a time-ordered list of account transactions
ledger - correct answer a book or computer file with separate sections for each account
trial balance - correct answer a summary of the balances of all the accounts in the general ledger
generally accepted accounting principles (GAAP) - correct answer a different set of accounting principles or rules manufacturing firms, service providers, and nonprofit organizations use upon which the public accounting profession has agreed
equivalent terms for revenues - correct answer sales
goods or services sold
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller BravelRadon. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for £14.69. You're not tied to anything after your purchase.
