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Busn 201 - Chap 14

Understanding Accounting Issues

QuestionAnswer
What is bookkeeping? The recording of accounting transactions.
Employees and unions use accounting information for? To plan for benefits.
Financial accounting is? The field of accounting concerned with external users of a company's financial information.
A current asset is? An asset that can or will be converted to cash within the following year.
________ is the amount of money owners would theoretically receive if they sold all of a firm's assets and paid all of its liabilities. Owners Equity.
Money owed to creditors is a(n) Liability.
What is the formula to calculate net income? Gross profit minus operating expenses minus income taxes.
________ is an asset that represents the cost of merchandise which was made or bought for sale to customers and that is still on hand. Merchandise Inventory
________ are non-physical assets, such as a patent or trademark, that have economic value in the form of expected benefits. Intangible Assets.
Goodwill is? The amount paid for an existing business above the value of its other assets.
Why do business managers use accounting? To set goals, develop plans, set budgets and evaluate future prospects.
Employees and unions use accounting for? Get paid and plan for benefits.
What is a controller? An individual that manages all the firms accounting activities.
What are the three types of professional accountants? CA, CGA and CMA (internal management acct)
What is the accounting equation? Assets = Liabilities + Owners Equity
What are assets and liabilities? Assets: Any economic resource that is expected to benefit a firm or an individual that owns it. Liabilities: A debt that the firm owns to an outside party.
What are the three basic financial statements? Balance sheets, Income Statements, Statements of cash flows.
What does a balance sheet show? Assets, liabilities and owner equity.
What does an income statement show? Income statement/ profit and loss statement shows revenues - expenses = profits
What does a statement of cash flow show? Use of cash during a given period.
What are the factors that arise in international accounting? Foreign exchange rate, international accounting standards.
Created by: armigrrl
 

 



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