MIE 201 exam #5 Questions & Answers 100% Correct!

accounting - ANSWERSis the recording, measurement, and interpretation of financial information. certified public accountant (CPA) - ANSWERSan individual who has been certified by the state in which he or she practices 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 - ANSWERSwhich is accounting that is fit for legal review. It involves analyzing financial documents in search of fraudulent entries or financial misconduct. private accountants - ANSWERSLarge corporations, government agencies, and other organizations may employ their own ____________________ to prepare and analyze their financial statements. With titles such as controller, tax accountant, or internal auditor, are deeply involved in many of the most important financial decisions of the organizations for which they work. certified management accountants (CMAs) - ANSWERSPrivate accountants can be CPAs and may become ______________________________ by passing a rigorous examination by the Institute of Management Accountants. bookkeeping - ANSWERSis typically limited to the routine, day-to-day recording of business transactions. These people are responsible for obtaining and recording the information that accountants require to analyze a firm's financial position. They generally require less training than accountants. Accountants - ANSWERSon the other hand, usually complete course work beyond their basic four- or five-year college accounting degrees. This additional training allows accountants not only to record financial information, but to understand, interpret, and even develop the sophisticated accounting systems necessary to classify and analyze complex financial information.