Professional Certifications
A, L & OE
Terms 1
Accounting Fields
Accounting Concepts
100
A private accountant who assist public accountants in audits are required to pass an examination is designated
What is a Certified Internal Auditors (CIA)?
100
These are items owned that have monetary value
What are assets?
100
Planning, recording, analyzing, and interpreting financial information.
What is accounting?
100
The analysis, measurement, and interpretation of financial accounting information.
What is a managerial accounting?
100
Financial statements contain all information necessary to understand a business' financial condition.
What is a Adequate Disclosure?
200
The CMA certificate is granted by
What is the institute of Management Accountants (IMA)?
200
These are the 2 ways the fundamental accounting equation is stated.
What are 1) Assets-Liabilities=Owner's Equity and 2) Assets=Liabilities+Owner's Equity?
200
A planned process for providing financial information that will be useful to management.
What is a accounting system?
200
The determination and control of costs of a business enterprise.
What is cost accounting?
200
The same accounting procedures are followed in the same way in each accounting period.
What is Consistent Reporting?
300
Prepares the examination for all states in the United States.
What is the American Institute of Certified Public Accountants (AICPA)?
300
Assets=Liabilities + Owner's Equity
What is The Accounting Equation?
300
An owner of one or more shares of a corporation.
What is a stockholder?
300
The preparation of tax returns as well as tax planning.
What is tax accounting?
300
Changes in financial information are reported for a specific period of time in the form of financial statements.
What is Accounting Period Cycle?
400
Private accountants specialize in managerial and cost accounting.
What is a Certified Management Accountant (CMA)?
400
This is the difference between total assets and total liabilities.
What is Owner's Equity?
400
Management advice provided to an organization by a public accountant.
What is management advisory services?
400
The recording of a business' financial activities and the periodic preparation of financial.
What is financial accounting?
400
The actual amount paid for merchandise or other items bought is recorded.
What is Historical Cost?
500
The most widely recognized.
What is a Certified Public Accountant (CPA)?
500
Any item or product that a company owes?
What is a liability?
500
Each unit of ownership in a corporation.
What is a share of stock?
500
Assisting individuals in managing their personal investments.
What is personal financial planning?
500
Revenue from business activities and expenses associated with earning that revenue are recorded in the same accounting period.
What is matching expenses with revenue?
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