Nonprofit organizations are in business for some purposes other than ................. money

Accounting serves the purpose of record keeping by promptly ................. all the business transactions in
the books of account.

Private accountants, also called executive or administrative accountants, handle the ................. of a
business.

Controllers are responsible ................. maintaining the records of the company’s operations.

Managerial accountants work with the kinds of financial reports ................. to management for the
efficient operation of the company.

Many people have chosen ................. as a profession because of its many advantages.

Reports on past ................. and current financial status are useful only as input to decisions about
courses of action that will lead to future performance and status.

Accounting is also intimately involved in ................. the financial interests of the parties involved in all
kinds of relationships.

Taxing ................. are interested in past financial performance in order to assess and collect
appropriate taxes.

Workers and potential ................. need financial information to make decisions about the viability of
entities as employment.

Decisions to open new plants, lay off workers, locate in foreign countries, and close banks and savings
and loans are all based to some degree on financial information ................. by the accounting system.

Most people who wish to become CPAs now take university courses in ................. and related subjects
in order to be as fully prepared as possible for the certification examinations.

A large number of universities now ................. business schools that offer regular four-year programs
leading to a bachelor’s degree in accounting, business administration, business law, and other areas that
................. the students for professional or management careers in business.

An accounting student in a commercial university or college has the enormous advantage of being able
to ................. in many of the related fields that are important to him or her.

................. who specialize in income taxes must have a thorough knowledge of the extremely
complicated tax codes of their country and region.

It is an indication of the ................. importance of accounting that advanced degrees are now given in
the field.

Managerial accountants must be thoroughly familiar not only with corporate tax laws, but also with
other laws that ................. the particular business in which they work

It is also a field in which the ................. for competent accountants exceeds the supply

Everyone ................. in the field, whether a bookkeeper or an accountant, should be alert to the
developments and changes that help to make accounting the challenging profession that it is.

Money in the form of coins, notes or bills

The money for business activities that a company obtains by selling shares rather than from loans

A gradual reduction in the value of machinery, a vehicle or other asset over a particular period of time

An equation showing the relationship among assets, liabilities, and owner's equity “Assets = Liabilities +
Owner's Equity”

This provides a systematic and logical process by which the cost of a product can be determined

An amount that is written in a company’s account to show a decrease in the money the company owes.

A list of all employees and their wages

An accounting record where all business transactions are INITIALLY entered

Money that is spent to purchase goods or services.

A detailed summary of a person's or a company's financial condition at a specific point in time, taking
into account their assets, liabilities, etc.

Something that is legally owned by a person or company

Cash or something that is easily convertible into cash

Money remaining after all expenses and taxes have been paid.

Cash or goods which the owner takes from the company for his own private use.

These are bought by people wishing to invest in the company.

The extra amount which is paid for a company above the value of its assets

The purchase of another company

An official examination of the accounts

The total sum of money which is supplied by the owners of a company to set it up.

The official book for keeping accounts

________ (manage) accounting involves the development and interpretation of accounting
information intended specifically to aid management in running the business.

Bankers and bondholders, as the major creditor groups, are ________ (outside) because they
usually have no management functions.

When a specified time period is up, these losses and gains are ________ (analyze) according to a
pre-defined format.

Fund accountants balance a set of accounts to report on how budgets were spent rather than for
________ (calculate) profit.

Accountants who ________ (special) in income taxes, for example, must have a thorough
knowledge of the extremely complicated tax codes of their country and region

Reports on past ________ (perform) and current financial status are useful only as input to
decisions about courses of action that will lead to future performance and status.

Stockholders want some indications of the potential for return on their ________ (invest)

Decisions to open new plants, lay off workers, locate in foreign countries, and close banks and
savings and loans are all based to some degree on financial information ________ (provision) by
the accounting system

The________ (account) has to design such a system of accounting which protects its assets from
an unjustified and unwanted use.

There are many parties - owners, ________ (credit), government, and employees etc., who are
interested in knowing the results of the firm