MIE 201 Test 5 Makanui Questions With
Solutions 100% Solved
managerial accounting the internal use of accounting statements by managers in planning
and directing the organization's activities
cash flow the movement of money through an organization over a daily, weekly, monthly,
or yearly basis
budget an internal financial plan that forecasts expenses and income over a set period of
time
annual report summary of a firm's financial information, products, and growth plans for
owners and potential investors
assets a firm's economic resources, or items of value that it owns, such as cash, inventory,
land, equipment, buildings, and other tangible and intangible things
liabilities debts that a firm owes to others
, MIE 201 Test 5 Makanui Questions With
Solutions 100% Solved
owner's equity equals assets minus liabilities and reflects historical values
accounting equation assets = liabilities + owner's equity
double-entry bookkeeping a system of recording and classifying business transactions that
maintains the balance of the accounting equation
accounting cycle the four-step procedure of an accounting system: examining source
documents, recording transactions in an accounting journal, posting recorded transactions, and
preparing financial statements
journal a time-ordered list of account transactions
ledger a book or computer file with separate sections for each account
trial balance a summary of the balances of all the accounts in the general ledger
, MIE 201 Test 5 Makanui Questions With
Solutions 100% Solved
generally accepted accounting principles (GAAP) a different set of accounting principles
or rules manufacturing firms, service providers, and nonprofit organizations use upon which the
public accounting profession has agreed
equivalent terms for revenues sales
goods or services sold
equivalent terms for gross profit gross income
gross earnings
equivalent terms for operating income operating profit
earnings before interest and taxes (EBIT)
income before interest and taxes (IBIT)
equivalent terms for income before taxes (IBT) earnings before taxes (EBT)
profit before taxes (PBT)
Solutions 100% Solved
managerial accounting the internal use of accounting statements by managers in planning
and directing the organization's activities
cash flow the movement of money through an organization over a daily, weekly, monthly,
or yearly basis
budget an internal financial plan that forecasts expenses and income over a set period of
time
annual report summary of a firm's financial information, products, and growth plans for
owners and potential investors
assets a firm's economic resources, or items of value that it owns, such as cash, inventory,
land, equipment, buildings, and other tangible and intangible things
liabilities debts that a firm owes to others
, MIE 201 Test 5 Makanui Questions With
Solutions 100% Solved
owner's equity equals assets minus liabilities and reflects historical values
accounting equation assets = liabilities + owner's equity
double-entry bookkeeping a system of recording and classifying business transactions that
maintains the balance of the accounting equation
accounting cycle the four-step procedure of an accounting system: examining source
documents, recording transactions in an accounting journal, posting recorded transactions, and
preparing financial statements
journal a time-ordered list of account transactions
ledger a book or computer file with separate sections for each account
trial balance a summary of the balances of all the accounts in the general ledger
, MIE 201 Test 5 Makanui Questions With
Solutions 100% Solved
generally accepted accounting principles (GAAP) a different set of accounting principles
or rules manufacturing firms, service providers, and nonprofit organizations use upon which the
public accounting profession has agreed
equivalent terms for revenues sales
goods or services sold
equivalent terms for gross profit gross income
gross earnings
equivalent terms for operating income operating profit
earnings before interest and taxes (EBIT)
income before interest and taxes (IBIT)
equivalent terms for income before taxes (IBT) earnings before taxes (EBT)
profit before taxes (PBT)
