Chapter 4
Chapter 5
Chapter 6
Definitions
Putting it all together.
100
when we do adjustments, what do we make sure is true about revenues and expenses?
What is They are in the right period.
100
Rationalization, opportunity, and incentive are a part of what?
What is The Fraud Triangle.
100
What two different types off businesses do we focus on in Operating cycles?
What is Service business and merchandising business
100
What adjustment do you make when, "Paid cash but did not incur expense, or received cash but did not earn revenues"?
What is Deferrals
100
What does IASB stand for?
What is International Accounting Standards Board.
200
Adjustments are made to the accounting records to ensure what about assets and liabilities?
What is They are recorded at the right amount
200
Do you want a qualified opinion or an unqualified opinion on your financial statements?
What is unqualified
200
What is the difference between Service and Merchandising businesses?
What is Selling inventory
200
What adjustment do you make when, "cash will be received or paid in a future period"?
What is Accruals
200
What analysis can you use to compare two companies?
What is Cross-Sectional Analysis
300
When doing adjustments, Adjusting Journal Entries always involve what?
What is 1balance sheet account, and 1 income statement account
300
If you want to compare your own company overtime, what analysis do you use?
What is Time Series Analysis
300
Which is the best internal control when it comes to inventory accounting systems?
What is perpetual
300
The transferring of temporary accounts to permanent accounts is call what?
What is Closing entries, closing process, or closing the books.
300
The Treasurer has the custody of the assets, and Accountants are in charge of what?
What is Record Keeping.
400
Balance sheets are relatively permanent in nature, they are called what?
What is Permanent accounts, or real accounts
400
What are two different types of Fraud?
What is Asset Misappropriation, and Financial Statement fraud.
400
What is one key control that is performed with regard to cash?
What is Bank Reconciliation
400
In response to the public outrage over fraud, congress enacted what in 2002?
What is Sarbanes-Oxley Act
400
Most payments involve checks or EFT. What does EFT stand for?
What is Electronic Funds Transfer.
500
Income statements are not carried forward from year to year, and only report amounts for one year, what are these accounts called?
What is temporary accounts, or nominal accounts.
500
Who are five groups of people who use the accounting information?
What is Board of directors, managers, investors, creditors, and governments.
500
What are the 5 internal control principles?
What is Establish responsibility, Segregate duties, Restrict access, document procedures, and independently verify.
500
What does IFRS stand for?
What is International Financial Reporting Standards.
500
"Sales Returns and Allowances" is what kind of account?
What is Contra-revenue account
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