Intro to Business Chapter 8 Accounting

___ are claims owners have against their firm's assets.

Accountants define cost as

assets on balance sheet- limited useful life and subject to subtraction of value-depreciation

This would provide stakeholders with info-how firm obtained and used cash in most recent period

Sarbanes-Oxley Act created the ___ to protect interests of investors in preparation of fin.stmt

ABC company is comparing income statements from the past 3 years to see trends using __

An auditor issuing a __ has uncovered serious problems with prep of firms financials

This is the private, self-regulating, 5 member board who develop generally accepted accy princ.

Managerial accounting primarily serves the needs of a firm's ___.

Type of accountant who works for government- prepare financial statements and other tasks

ABC or Activity Based Costing is:

Managers, stockholders, employees, and creditors are known as _____.

The __ budget brings together all firm's budgeting doc to provide unified planfor budget period

ABC company's liabilities are $130,000 and owner's equity is $170,000, SO ABC's:

Which of the following would be listed in the owner's equity section of the balance sheet?

On the balance sheet, the 2 sources of funds are ___ by owners and ___ by non-owners

The process of developing the operating budget begins with the ___.

The __ budget deals with firms plans for investing in major fixed assets and long term projects

Bookkeepers do routine accounting procedures while ___ go further- interpret, analyze, communic

These accountants provide services such as tax prep, external audits, and consulting for fee.

Profit is the difference between:

___ compares information contained in a firm's financial statements over two or more years.

This type of accounting is for stockholders, creditors, and government regulators

What is the accounting equation?

A firm's assets equals $6,000 and its liabilities equals $3500, then owner's equity would be __

used by managerial accountants-assign product costs based on link to activities-costproducingit

What is the main reason stockholders use info provided by their firm?

all of the following are assets EXCEPT:

These are a set of standards that provide shareholders with consistent,reliable,financial info

The __ shows cash flowing in and out of firm thru its operating,investing,financing activities

The ___indicates if the firm earned a profit or loss over an accounting period.

Accountant who works for the firm and prepares reports and analyzes info- budget and cost mgmt

Investors are provided with __from firms they have stock- provide info about firms operations

The major output of financial accounting is a set of statements including:

'out of pocket' costs are also referred to as ___.

Type of accountant who do many tasks for firm they work for such as budgeting.

In this type of accounting, revenues are recognized when they are earned and payment assured

The accounting equation shows us that the value of firm's assets must equal the value of firm's

___ are valuable things owned by a firm.

System for recognizing,recording,organizing, summarizing,analyzing,reporting fin. info for firm

___ is normally the first asset listed on balance sheet.

The financial budget of a firm includes:

Fin statement- summarizes a firm's fin position at a specific pt in time-specific quarter/year

Which of the following would be listed in the liabilities section of the balance sheet?

Mr.Smith owns 100 shares of ABC stock and wants to know if he earned profit or loss so he views

People who use accounting information include all EXCEPT:

Which of the following would be listed on an income statement?

___ is what the firm owes its creditors.

A __ is issued if auditor doesnt find any problems with the way the firm prepares its fin stmts