Introduction to Accounting: Comprehensive Mid-Term Exam Study Guide

INTRODUCTION TO ACCOUNTING
MID-TERM EXAM WITH QUESTIONS
AND ANSWERS .LATEST TEST.



accounting - ANSWER -The process of identifying, measuring, and communicating
economic information to permit users to make informed judgments and decisions

accounting systems - ANSWER -The branch of accounting that covers the review
of a firm's entire information system, not just the accounting system

accrual basis accounting - ANSWER -System of reporting revenues and expenses
in the period in which they are considered to have been earned or incurred,
regardless of the actual time of collection or payment

adjusting entries - ANSWER -Entries required at the end of an accounting period
to record internal adjustments of various accounts due to the matching principle of
accounting

assets - ANSWER -Resources available for use by the business - that is, anything
owned by the business that has monetary value

auditing - ANSWER -The branch of accounting that examines a firm's financial
statements and internal controls for the purpose of expressing opinions regarding
the financial statements

balance sheet - ANSWER -Statement of the financial position of the hospitality
establishment on a given date, giving the account balances for assets, liabilities,
and ownership equity

bookkeeping - ANSWER -The recording and classification of transactions

business entity principle - ANSWER -An accounting principle that requires a
business maintain its own set of records and accounts that are separate from
other financial interests of its owners

cash basis accounting - ANSWER -System of reporting revenues and expenses at
the time they are collected or paid, respectively