T15 01 2021

Accountants record, classify and ________ the results of the financial information they gather.

• interpret

• sell

• buy

• change

A person's pulse rate and blood pressure are indicators of a person's health. Similarly, ________ can help assess the health of a business.

• financial statements

• production schedules

• transactions

• databases

As an accountant, Janice's responsibilities include

• developing plans to help her company establish a supply chain.

• setting prices for specific goods and services.

• summarizing and interpreting financial information needed by her firm's managers.

• developing a fringe benefit program that improves employee morale.

________ is the accounting practice of recording each transaction in two places in the accounting journal.

• Double-entry bookkeeping

• Trial balancing

• Account matching

• Entry duplication

A bookkeeper's first task is to

• separate all of the firm's transactions into meaningful categories.

• prepare the firm's financial statements.

• summarize the firm's financial data.

• interpret and report data to the firm's management.

The accounting book or computer program where each day's transactions are first recorded is called a __________

• posting workbook.

• general ledger.

• balance sheet.

• journal.

A ________ summarizes all the data from the account ledgers to verify that they are correct and balanced.

• ledger statement

• balance sheet

• trial balance

• statement of cash flows

The balance sheet, the statement of cash flows and the ________ are three key financial statements prepared by accountants.

• income statement

• statement of retained earnings

• statement of changes in financial position

• trial balance

Sales receipts, purchase orders, and payroll records are all examples of accounting transactions that would be recorded by a(n)

• auditor.

• forensic accountant.

• bookkeeper.

• purchasing agent.

A firm's ________ reports the profit or loss for the firm over a specified time period.

• income statement

• balance sheet

• statement of cash flows

• bank statement