Mie 201 test 5 (chapters 14,15,16) Questions
With Solutions 100% Solved
Accounting the recording, measurement, and interpretation of financial information
Certified Public Accountant (CPA) An individual who has met certain criteria and is thus
allowed to perform audits of corporations.
private accountant Large corporations, gov agencies and other organizations employ these
people to prepare and analyze their financial statements
Certified Management Accountant (CMA) private accountants who, after rigorous
examination, are certified by the Institute of Management Accountants
bookkeeper someone who records the transactions of a business (limited to your one and
day to day activities)
Managerial Accounting the internal use of accounting statements by managers in planning
and directing the organization's activities
, Mie 201 test 5 (chapters 14,15,16) Questions
With Solutions 100% Solved
*concerned with cashflow, budget
cashflow The movement of money throughout an organization over a daily, weekly,
monthly or yearly basis
Budget Internal Fiji coal plan that forecasts expenses and income over a set period of time
annual report summary of a firm's financial information, products, and growth plans for
owners and potential investors
assets a firm's economic resources, or items of value that it owns
*cash, inventory, land, equipment, buildings, and other tangible and intangible things
*display cases, flowers, vases, decorations
Liabilities Debts the firms owes to others
, Mie 201 test 5 (chapters 14,15,16) Questions
With Solutions 100% Solved
*loans from the SBA, money owe to flower suppliers
Owner's Equity all of the money that has ever been contributed to the company that never
has to be paid back
Funds come from investors who have given money or assets to company or from past profitable
operations
Accounting Equation The relationship among assets, liabilities, and owner's equity
Accounting Equation Assets = Liabilities + Owner's Equity
double-entry bookkeeping a system of recording and classifying business transactions that
maintains the balance of the accounting equation
Accounting cycle Funicular data typically passes through a four step procedure
Accounting cycle steps 1. Examining source documents
With Solutions 100% Solved
Accounting the recording, measurement, and interpretation of financial information
Certified Public Accountant (CPA) An individual who has met certain criteria and is thus
allowed to perform audits of corporations.
private accountant Large corporations, gov agencies and other organizations employ these
people to prepare and analyze their financial statements
Certified Management Accountant (CMA) private accountants who, after rigorous
examination, are certified by the Institute of Management Accountants
bookkeeper someone who records the transactions of a business (limited to your one and
day to day activities)
Managerial Accounting the internal use of accounting statements by managers in planning
and directing the organization's activities
, Mie 201 test 5 (chapters 14,15,16) Questions
With Solutions 100% Solved
*concerned with cashflow, budget
cashflow The movement of money throughout an organization over a daily, weekly,
monthly or yearly basis
Budget Internal Fiji coal plan that forecasts expenses and income over a set period of time
annual report summary of a firm's financial information, products, and growth plans for
owners and potential investors
assets a firm's economic resources, or items of value that it owns
*cash, inventory, land, equipment, buildings, and other tangible and intangible things
*display cases, flowers, vases, decorations
Liabilities Debts the firms owes to others
, Mie 201 test 5 (chapters 14,15,16) Questions
With Solutions 100% Solved
*loans from the SBA, money owe to flower suppliers
Owner's Equity all of the money that has ever been contributed to the company that never
has to be paid back
Funds come from investors who have given money or assets to company or from past profitable
operations
Accounting Equation The relationship among assets, liabilities, and owner's equity
Accounting Equation Assets = Liabilities + Owner's Equity
double-entry bookkeeping a system of recording and classifying business transactions that
maintains the balance of the accounting equation
Accounting cycle Funicular data typically passes through a four step procedure
Accounting cycle steps 1. Examining source documents
