Accounting is the process of ____, _____, and ____ economic information. (Mark 3 answers)

Managerial accountants provide information to people ________________

Financial accounting involves preparation of financial information for _____________.

Fund accounting is primarily about accounting for ________.

______ verify the accuracy of a company's financial, operational or compliance records.

The amount of cash given up to acquire a specific item is called: ____________

Revenue Recognition Principle states that:

Which are liabilities? (mark all that apply)

Which are assets? (mark all that apply)

Which is the correct accounting equation?

What does ALOE stand for?

Which one of the activities is a bookkeeping activity?

What is the best explanation of a source document in bookkeeping?

Which of the following statements best defines 'cash flow?'

If a company sells $20,000 of their inventory for $30,000 in cash, how does owners' equity change?

If the owner invests and additional $50,000, which two accounts are affected?

If the business obtains a 20 year loan that they will use to purchase land, which accounts are IMMEDIATELY changed?

If the business obtains a 20 year loan that they will use to purchase land, which account categories are IMMEDIATELY changed?

ABC Contractors purchases a delivery truck for $20,000. What happens to the Assets account?

Anything that is man-made and makes a process easier to complete is called:

The discipline dealing with good and bad is the study of:

The Sarbanes-Oxley Act of 2002 mandates top level executive must:

External users of financial information may be: (mark all that apply)

The ending step of the accounting cycle is to:

Which statement tells and external user how much money a company make or lose?

Which financial statement tells how much net income is reinvested in the company.

Which financial statement tells exactly which accounts the company has and the balance in each.

Which statement tells what products brought revenue and how money was expensed out?

Who is an internal user of accounting information? (mark all that apply)

_____ is a set of guidelines established to help publicly traded companies create financial statements.

______ means any activities of a business must be kept separate from the activities of the business owner.

____ means that only activities that can be expressed in dollar amounts can be included in accounting records.

______ means that business activities can be reported in distinct time intervals.

______ refers to the historical cost of an item that is reported on the financial statements.

_____ means that all information that is relative to the business be reported either in the content of the financial statements or in the notes to the financial statements.

______ requires that businesses use the accrual form of accounting and match business income to business expenses.

This standard requires that revenue be reported on the income statement in the period in which it is earned.

______ refers to the measure of importance of a misstatement in accounting records.

_______ is the principle that calls for potential expenses and liabilities to be recognized immediately if you are unsure whether they will actually occur or not.

Which of the following is an example of external users of accounting information?

What statement(s) do external and internal users of accounting information rely on? (mark all that apply)

Monica reads in the newspaper that in the year ended December 31, 2015, Profit For Two Inc made $1 million profit. Monica wants to confirm for herself that this is really the case. What financial statement of Profit For Two Inc should Monica read to confirm the newspaper report?

Djokovic is the Chief Information Officer for InfoTech Inc. Murray is the Chief Lending Officer at the Bank where InfoTech has a large bank loan. Which statement is true for both Djokovic and Murray, in connection with InfoTech?

The accounting department prepares financial reports for _____ and _____ users.

The accounts payable role is responsible for:

To maintain proper financial controls, the person that records cash receipts should NOT also _____.

The accounts receivable role is responsible for:

With accounting software, Bob is able to complete five times as many transactions as he can manually; this supports the explanation of technology as

In our ever-evolving world, there have been many advances that have made accounting processes easier to complete. Which of the following is an example of man-made technology that has impacted the accounting industry throughout history? (mark all that apply)