INTRO TO BUSINESS EXAM 4
QUESTIONS WITH CORRECT ANSWERS
\.the 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 - ANSWERS✔-accounting
\.Demonstrate the role that accounting and financial information play for a
business and its stakeholders. - ANSWERS✔-financial management is the
heartbeat of competitive business
accounting info helps keep the heartbeat stable
\.financial transactions include: - ANSWERS✔-- buying and selling of goods and
services
- acquiring insurance
- paying employees
- using supplies
\.method used to record and summarize accounting data into reports -
ANSWERS✔-accounting system
\.stakeholders can be made up of: - ANSWERS✔-- employees
,- owners
- creditors
- suppliers
- unions
- community activists
- investors
- government
\.accounting is also called _________ - ANSWERS✔-the language of business
\.what are the 5 key working areas of accounting? - ANSWERS✔-1. managerial
2. financial
3. auditing
4. tax
5. governmental/not-for-profit
\.accounting used to provide information and analyses to managers inside the
organization to assist them in decision making - ANSWERS✔-managerial
accounting
\.accounting information and analyses prepared for people outside the
organization - ANSWERS✔-financial accounting
, \.Distinguish between financial and managerial accounting. - ANSWERS✔-
managerial: provides information and analyses to managers inside organization
financial: provides information and analyses to people outside the organization
\.a professional accountant who has met certain educational and experience
requirements, passed a qualifying exam and has been certified by the institute of
certified management accountants - ANSWERS✔-certified management
accountant (CMA)
\.A yearly statement of the financial condition, progress and expectations of an
organization
ex. 10-K - ANSWERS✔-annual report
\.an accountant who works for a single firm, government agency, or non-profit
organization - ANSWERS✔-private accountant
\.an accountant who provides accounting services to individuals or businesses on
a fee basis - ANSWERS✔-public accountant
\.today there are over __________ CPA's in the US, and ________ of whom are
members of the AICPA - ANSWERS✔-645,000; 386,000
QUESTIONS WITH CORRECT ANSWERS
\.the 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 - ANSWERS✔-accounting
\.Demonstrate the role that accounting and financial information play for a
business and its stakeholders. - ANSWERS✔-financial management is the
heartbeat of competitive business
accounting info helps keep the heartbeat stable
\.financial transactions include: - ANSWERS✔-- buying and selling of goods and
services
- acquiring insurance
- paying employees
- using supplies
\.method used to record and summarize accounting data into reports -
ANSWERS✔-accounting system
\.stakeholders can be made up of: - ANSWERS✔-- employees
,- owners
- creditors
- suppliers
- unions
- community activists
- investors
- government
\.accounting is also called _________ - ANSWERS✔-the language of business
\.what are the 5 key working areas of accounting? - ANSWERS✔-1. managerial
2. financial
3. auditing
4. tax
5. governmental/not-for-profit
\.accounting used to provide information and analyses to managers inside the
organization to assist them in decision making - ANSWERS✔-managerial
accounting
\.accounting information and analyses prepared for people outside the
organization - ANSWERS✔-financial accounting
, \.Distinguish between financial and managerial accounting. - ANSWERS✔-
managerial: provides information and analyses to managers inside organization
financial: provides information and analyses to people outside the organization
\.a professional accountant who has met certain educational and experience
requirements, passed a qualifying exam and has been certified by the institute of
certified management accountants - ANSWERS✔-certified management
accountant (CMA)
\.A yearly statement of the financial condition, progress and expectations of an
organization
ex. 10-K - ANSWERS✔-annual report
\.an accountant who works for a single firm, government agency, or non-profit
organization - ANSWERS✔-private accountant
\.an accountant who provides accounting services to individuals or businesses on
a fee basis - ANSWERS✔-public accountant
\.today there are over __________ CPA's in the US, and ________ of whom are
members of the AICPA - ANSWERS✔-645,000; 386,000
