Business (accounting and finance)
accounting - correct answerThe recording, classifying, summarizing, and interpreting of
financial events and transactions to provide management and other interested parties
the information they need to make good decisions.
accounting cycle - correct answerA six-step procedure that results in the preparation
and analysis of the major financial statements.
accounts payable - correct answerCurrent liabilities are bills the company owes to
others for merchandise or services purchased on credit but not yet paid for.
annual report - correct answerA yearly statement of the financial condition, progress,
and expectations of an organization.
assets - correct answerEconomic resources (things of value) owned by a firm.
auditing - correct answerThe job of reviewing and evaluating the information used to
prepare a company's financial statements.
balance sheet - correct answerFinancial statement that reports a firm's financial
condition at a specific time and is composed of three major accounts: assets, liabilities,
and owners' equity.
bonds payable - correct answerLong-term liabilities that represent money lent to the firm
that must be paid back.
bookkeeping - correct answerThe recording of business transactions.
cash flow - correct answerThe difference between cash coming in and cash going out of
a business.
certified internal auditor (CIA) - correct answerAn accountant who has a bachelor's
degree and two years of experience in internal auditing, and who has passed an exam
admin- istered by the Institute of Internal Auditors.
certified management accountant (CMA) - correct answerA professional accountant
who has met certain educational and experience requirements, passed a qualifying
exam, and been certified by the Institute of Certified Management Accountants.
certified public accountant (CPA) - correct answerAn accountant who passes a series of
examinations established by the American Institute of Certified Public Accountants
(AICPA).
accounting - correct answerThe recording, classifying, summarizing, and interpreting of
financial events and transactions to provide management and other interested parties
the information they need to make good decisions.
accounting cycle - correct answerA six-step procedure that results in the preparation
and analysis of the major financial statements.
accounts payable - correct answerCurrent liabilities are bills the company owes to
others for merchandise or services purchased on credit but not yet paid for.
annual report - correct answerA yearly statement of the financial condition, progress,
and expectations of an organization.
assets - correct answerEconomic resources (things of value) owned by a firm.
auditing - correct answerThe job of reviewing and evaluating the information used to
prepare a company's financial statements.
balance sheet - correct answerFinancial statement that reports a firm's financial
condition at a specific time and is composed of three major accounts: assets, liabilities,
and owners' equity.
bonds payable - correct answerLong-term liabilities that represent money lent to the firm
that must be paid back.
bookkeeping - correct answerThe recording of business transactions.
cash flow - correct answerThe difference between cash coming in and cash going out of
a business.
certified internal auditor (CIA) - correct answerAn accountant who has a bachelor's
degree and two years of experience in internal auditing, and who has passed an exam
admin- istered by the Institute of Internal Auditors.
certified management accountant (CMA) - correct answerA professional accountant
who has met certain educational and experience requirements, passed a qualifying
exam, and been certified by the Institute of Certified Management Accountants.
certified public accountant (CPA) - correct answerAn accountant who passes a series of
examinations established by the American Institute of Certified Public Accountants
(AICPA).
