GAEE - Member Of The Global Association Of Economics Education
GAEE - Member of the Global Association of Economics Education
Exam (elaborations)
Accounting Game Questions and Answers
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GAEE - Member of the Global Association of Economics Education
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GAEE - Member Of The Global Association Of Economics Education
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
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Accounting Game Questions and
Answers
a yearly statement called the ____ covers the financial condition and progress of an
organization - answer annual report
a company's ____ is the difference between cash coming in and cash going out of a
business - answer cash flow
items known as ___ can be converted to cash within one year - answer 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 - answer budget
assets are relatively permanent, are called ____ and include items such as land,
buildings and equipment - answer fixed assets
a ___ is the book where accounting data are first entered - answer 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 - answer LIFO
Assets minus liabilities is the formula for - answer owner's equity
a _____ is a summary of all the data in the account ledgers to show whether the figures
are correct and balanced - answer trial balance
a ____ is trained in tax law and are responsible for preparing tax returns and developing
strategies - answer tax accountant
How fast an asset can be converted into cash is its - answer liquidity
a ___ is an evaluation and unbiased opinion about the accuracy of a company's
financial statements - answer audit
accounting used to provide information and analyses to managers within the
organization to assist in decision-making is called _____ - answer managerial
accountant
a concept called ___ is a system of writing every transaction in two places - answer
double-entry bookkeeping
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