MIE 201 Exam 5 Questions With Solutions
100% Solved
Accountants Complete course work beyond their basic 4 or 5 year college account
degrees; understand, interpret, and develop accounting system necessary to classify and analyze
complex financial information
Managerial Accounting Internal use of accounting statements by managers in planning
and directing the organization's activities
Cash Flow Movement of money through an organization of a daily, weekly, or yearly
basis
Budget Internal financial plan that forecasts expenses and income over a set period of
time
Top-down Master Budgets Budgets for the entire firm that begins at the upper
management level and filter down to the individual department level
Bottom-Up Master Budget Start at the department or project level and are combined at the
chief executive's office
, MIE 201 Exam 5 Questions With Solutions
100% Solved
Annual Report Summary of the firm's financial information, products, and growth plans
for owners and potential investors
Audited financial statements are signed off on by certified public accountant
Audited Financial statements that meet conditions that information is an accurate
reflection
Cash, inventory, land, equipment, buildings, and other tangible and intangible things
Assets Liabilities + owners' equity
Listed in descending order of liquidity
Liabilities Debts that the firm owes to others
Owners' Equity Contains all the money that has ever been contributed to the company that
never has to be paid back
Assets - liabilities
, MIE 201 Exam 5 Questions With Solutions
100% Solved
Accounting Equation Assets = liabilities + owners' equity
Double-Entry Bookkeeping System of recording and classifying business transactions in
separate accounts in order to maintain the balance of the accounting equation
All transactions classified either assets, liabilities, or owner's equity
Accounting Cycle Steps 4 step procedure that financial data must pass
Examining source documents, recording transactions in an accounting journal, posting record
transactions, and preparing financial statements (balance sheet, statement of cash flows, etc)
Journal Time-ordered list of account transactions
Ledger Book or computer programs with separate files for each account
Trial Balance Summary of the balances of all accounts in the general ledger
Attest To certify
100% Solved
Accountants Complete course work beyond their basic 4 or 5 year college account
degrees; understand, interpret, and develop accounting system necessary to classify and analyze
complex financial information
Managerial Accounting Internal use of accounting statements by managers in planning
and directing the organization's activities
Cash Flow Movement of money through an organization of a daily, weekly, or yearly
basis
Budget Internal financial plan that forecasts expenses and income over a set period of
time
Top-down Master Budgets Budgets for the entire firm that begins at the upper
management level and filter down to the individual department level
Bottom-Up Master Budget Start at the department or project level and are combined at the
chief executive's office
, MIE 201 Exam 5 Questions With Solutions
100% Solved
Annual Report Summary of the firm's financial information, products, and growth plans
for owners and potential investors
Audited financial statements are signed off on by certified public accountant
Audited Financial statements that meet conditions that information is an accurate
reflection
Cash, inventory, land, equipment, buildings, and other tangible and intangible things
Assets Liabilities + owners' equity
Listed in descending order of liquidity
Liabilities Debts that the firm owes to others
Owners' Equity Contains all the money that has ever been contributed to the company that
never has to be paid back
Assets - liabilities
, MIE 201 Exam 5 Questions With Solutions
100% Solved
Accounting Equation Assets = liabilities + owners' equity
Double-Entry Bookkeeping System of recording and classifying business transactions in
separate accounts in order to maintain the balance of the accounting equation
All transactions classified either assets, liabilities, or owner's equity
Accounting Cycle Steps 4 step procedure that financial data must pass
Examining source documents, recording transactions in an accounting journal, posting record
transactions, and preparing financial statements (balance sheet, statement of cash flows, etc)
Journal Time-ordered list of account transactions
Ledger Book or computer programs with separate files for each account
Trial Balance Summary of the balances of all accounts in the general ledger
Attest To certify
