Exam (elaborations)

Accounting Chapter 17, 18, and 19 Questions and Verified Answers

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Course
CPA - Certified Public Accountant

Institution
CPA - Certified Public Accountant

Money has time value. What does this mean? answer - If someone Accounting answer - 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. managerial a...

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Uploaded on May 13, 2025
Number of pages 20
Written in 2024/2025
Type Exam (elaborations)
Contains Questions & answers

accounting chapter 17 18 and 19 questions and ve

Institution CPA - Certified Public Accountant
Course CPA - Certified Public Accountant

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Accounting Chapter 17, 18, and 19 Questions
and Verified Answers

Money has time value. What does this mean? answer - If someone

Accounting answer - 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.

managerial accounting answer - accounting used to provide information and analyses to
managers inside the organization to assist them in decision making.

certified management accountant answer - a professional accountant who has met certain
educational and experience requirements, passed a qualifying exam, and been certified by the
institute of certified management accountants.

financial accounting answer - accounting information and analyses prepared for people outside
the organization

annual report answer - a yearly statement of the financial condition, process, and expectation
of an organization

private accountant answer - an accountant who works for a single firm, government agency, or
nonprofit organization

public accountant answer - an accountant who provides accounting services to individuals or
businesses on a fee basis.

,certified public accountant (CPA) answer - an accountant who passes series of examinations
establish by the American institute of certified Public Accountants

ledger answer - a specialized accounting back or computer program in which information from
accounting journals is accumulated into specific categories and posted so that managers cant
find all the information in the same place

trial balance answer - a summary of all the financial data in the account ledgers that ensures
the figures are correct and balanced

financial statement answer - a summary of all the financial transactions that have occurred
over a particular period.

the key financial statements of a business answer - the balance sheet, income statement, and
the statement of cash flows.

fundamental accounting equation answer - Assets= Liabilities + Owner's Equality; this is the
basis for the balance sheet

balance sheet answer - financial statement that reports a firm's financial condition at a specific
time and is composed of three major accounts: assets, liabilities, and owners' equity.

assets answer - economic resources (things of value) owned by a firm.

liquidity answer - the ease with which an asset can be converted into cash.

current assets answer - items that can or will be converted into cash within one year.

, fixed assets answer - assets that are relatively permanent, such as land, buildings, and
equipment

intangible assets answer - long-term assets (e.g. patents, trademarks, copyrights) that have no
real physical form but do have value.

liabilities answer - what the business owes to others (debts).

accounts payable answer - current liabilities or bills the company owes to others for
merchandise or services purchased on credit but not paid for.

notes payable answer - short-term or long-term liabilities that a business promises to repay by
a certain date.

bonds payable answer - long-term liabilities that represent money lent to the firm that must be
paid back.

owners' equity answer - the amount of the business that belongs to the owners minus any
liabilities owned by the business.

account receivable answer - an amount of money owed to the firm that it expects to receive
within one year.

assets answer - the value of things you own

liabilities answer - the amount money you owe others

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