MIE 201 Test 5 Makanui Questions & Answers With Complete Solutions!

accounting -ANSWERSthe recording, measurement, and interpretation of financial information certified public accountant (CPA) -ANSWERSan 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 -ANSWERSaccounting that is fit for legal review, involves analyzing financial documents in search of fraudulent entries or financial misconduct private accountants -ANSWERSaccountants employed by large corporations, government agencies, and other organizations to prepare and analyze their financial statements certified management accountants (CMAs) -ANSWERSprivate accountants who, after rigorous examination, are certified by the Institute of Management Accountants and who have some managerial responsibility bookkeeping -ANSWERSoften mistaken for accounting but is typically limited to the routine, day-to-day recording of business transactions managerial accounting -ANSWERSthe internal use of accounting statements by managers in planning and directing the organization's activities cash flow -ANSWERSthe movement of money through an organization over a daily, weekly, monthly, or yearly basis budget -ANSWERSan internal financial plan that forecasts expenses and income over a set period of time annual report -ANSWERSsummary of a firm's financial information, products, and growth plans for owners and potential investors assets -ANSWERSa 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 -ANSWERSdebts that a firm owes to others owner's equity -ANSWERSequals assets minus liabilities and reflects historical values accounting equation -ANSWERSassets = liabilities + owner's equity double-entry bookkeeping -ANSWERSa system of recording and classifying business transactions that maintains the balance of the accounting equation