1-1 The Accounting Profession

​ (a)   is the process of ​ (b)   , maintaining, and reporting an organization's ​ (c)   and records.

• recording
• Accounting
• Finance
• financial transactions

What are the four primary accounting categories that are mentioned in this video?

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Answer explanation

1. 1. Financial accounting,

2. 2. Managerial accounting

3. 3. Tax accounting, and

4. 4. Accounting related,

Match the accounting categories with the job titles below.

• Accounting-related

• 1. 1. Bookkeeper

  2. 2. Auditor

  3. 3. Controller

• Financial accounting

• 1. 1. Budget Analyst

  2. 2. Staff Accountant

  3. 3. Treasurer

• Tax accounting

• 1. 1. Forensic Accounting

  2. 2. Trader

  3. 3. Mergers and Acquisitions

• Managerial accounting

• 1. 1. Estate Planning

  2. 2. Tax preparation

  3. 3. Tax policy

Answer explanation

1. 1. Financial accounting,

2. 2. Managerial accounting

3. 3. Tax accounting, and

4. 4. Accounting related,

NETFLIX has over​ (a)   million customers or subscribers, ​ (b)   employees, thousands of ​ (c)   or ​ (d)   , and billions of ​ (e)   and expenses every year.

• 218
• 12,000
• vendors
• suppliers
• revenue
• liabilities
• 303

Answer explanation

1. 1. Financial accounting,

2. 2. Managerial accounting

3. 3. Tax accounting, and

4. 4. Accounting related,

In order for financial data and information to be useful, it needs to be reported in a ​ (a)   and accurate manner. Also, it needs to be ​ (b)   and digest and it needs to be

delivered in a ​ (c)   format over time so that users of this information can easily ​ (d)   it to prior ​ (e)   of time.

• timely
• easy to read
• consistent
• compare
• periods
• inconsistent

Netflix's management relies on this _________________ to make quick confident and informed decisions about the company.

List at least four examples of decisions Netflix's management can make based on financial information.

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Answer explanation

1. Growth strategies

2. 2. Hiring additional employees

3. 3. Paying off debt

4. 4, Adding more debt

5. 5. Raising capital in the equity markets.

If Netflix does not have ​ (a)   financial ​ (b)   they may have
trouble deciding the right​ (c)   to charge for their ​ (d)   .

• accurate
• price
• information
• products

Netflix sales will likely increase if their price is unnecessarily high compared to their competitors.

• True

• False

Answer explanation

Netflix sales will likely slow down if their price is unnecessarily high compared to their competitors.

____________________ also rely on timely accurate and well-organized financial information.