Area of accounting concerned with preparing financial information for users outside the organization.
What is Financial Accounting.
100
Outlawing most loans by corporations to their own directors and executives.
What is Sarbanes-Oxley.
200
Recordkeeping the clerical aspect of accounting
What is Bookkeeping
200
When Google buys a piece of real estate, for example, instead of deducting the entire cost of the item at the time of purchase, the company _____.
What is depreciation.
300
Highest-ranking accountant in a company, responsible for overseeing all accounting functions.
What is Controller.
300
To keep the accounting equation in balance, most companies use a _________ system that records every transaction affecting assets, liabilities, or owners equity.
What is Double-Entry Bookkeeping.
400
Formal evaluation of the fairness and reliability of a clients financial statements
What is audit
400
After these individual transactions are recorded and then summarized, accountants must review the resulting transaction summaries and adjust or correct all errors or discrepancies before _________.
What is Closing the Books.
500
Independent accounting firms that provide auditing services for public companies.
What is External auditors.
500
It is also known as a statement of financial position.