Assets, Liabilities and Equity
These are resources a company owns that provide future economic benefit.
What are ASSETS
This statement shows a company’s revenue and expenses.
What is the INCOME STATEMENT
These accountants make tax returns and send them to the IRS.
What are TAX ACCOUNTANTS
Name two outcomes of unethical accounting:
Loss of trust, hurt reputation, legal penalties, and financial penalties are all acceptable answers.
The very first step in the accounting cycle.
What is IDENTIFYING TRANSACTIONS
These represent debts or obligations a company owes.
What are LIABILITIES
This statement shows assets, liabilities, and equity at a single point in time.
What is the BALANCE SHEET
These accountants focus on internal budgeting, planning, and decision-making.
What are MANAGERIAL ACCOUNTANTS
Ethical accounting supports fairness, trust and a healthy "xxxxxxx".
What is ECONOMY
The last step in the accounting cycle.
What is CLOSING THE BOOKS
Equipment, Buildings and Cash are examples of these.
What are ASSETS?
This required report tracks the inflow and outflow of cash.
What is the CASH FLOW STATEMENT
These accountants analyze production costs to help businesses save money.
What are COST ACCOUNTANTS
This term refers to intentionally avoiding taxes, which accountants must not participate in.
What is TAX EVASION
The number of steps in the accounting cycle.
What is EIGHT
Loans, accounts payable, and mortgages fall into this category.
What are LIABILITIES
U.S. companies must follow this set of standards when preparing financial statements.
What is the GAAP
This type of accountant verifies the accuracy of financial records.
What is a TAX ACCOUNTANT (AUDITOR)
Audit Accountants prevent this five letter word through careful review of financial statements.
What is FRAUD
What is the LEDGER
The difference between assets and liabilities represents this value for owners.
What is EQUITY
These standards make financial statements consistent internationally.
What is the IFRS (International Financial Reporting Standards)
These accountants prepare financial statements for external users such as investors.
What are FINANCIAL ACCOUNTANTS
The AICPA enforces this essential code that accountants must follow.
What is the CODE OF PROFESSIONAL CONDUCT
Accountants enter transactions into the journal using this multi-entry method.
What is DOUBLE-ENTRY ACCOUNTING