MIE 201 Test 5 Makanui verified to pass 2023/2024

MIE 201 Test 5 accounting - correct answer the recording, measurement, and interpretation of financial information certified public accountant (CPA) - correct answer an individual who has been state certified to provide accounting services ranging from the preparation of financial records and the filing of tax returns to complex audits of corporate financial records forensic accounting - correct answer accounting that is fit for legal review, involves analyzing financial documents in search of fraudulent entries or financial misconduct private accountants - correct answer accountants employed by large corporations, government agencies, and other organizations to prepare and analyze their financial statements certified management accountants (CMAs) - correct answer private accountants who, after rigorous examination, are certified by the Institute of Management Accountants and who have some managerial responsibility bookkeeping - correct answer often mistaken for accounting but is typically limited to the routine, day-to-day recording of business transactions managerial accounting - correct answer the internal use of accounting statements by managers in planning and directing the organization's activities cash flow - correct answer the movement of money through an organization over a daily, weekly, monthly, or yearly basis budget - correct answer an internal financial plan that forecasts expenses and income over a set period of time annual report - correct answer summary of a firm's financial information, products, and growth plans for owners and potential investors assets - correct answer 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 - correct answer debts that a firm owes to others owner's equity - correct answer equals assets minus liabilities and reflects historical values accounting equation - correct answer assets = liabilities + owner's equity double-entry bookkeeping - correct answer a system of recording and classifying business transactions that maintains the balance of the accounting equation accounting cycle - correct answer 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 - correct answer a time-ordered list of account transactions ledger - correct answer a book or computer file with separate sections for each account trial balance - correct answer a summary of the balances of all the accounts in the general ledger generally accepted accounting principles (GAAP) - correct answer 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 - correct answer sales goods or services sold