Accounting Terms
Sarbanes-Oxley Act
Business Organizations
Financial Statements
The Trial Balance
100
A system that measures the business's activities in financial terms.
What is Accounting
100
A type of business organization that has one owner.
What is a Sole Proprietorship?
100
An informal listing of the ledger accounts and their balances in the ledger to aid in providing the equality of debits and credits.
What is a trial balance?
100
An informal listing of the ledger accounts and their balances in the ledger to aid in proving the equity of debits and credits.
What is a trial balance?
200
Assets = Liabilities + Owner's Equity
What is Accounting Equation?
200
A form of business ownership that has at least two owners.
What is a partnership?
300
The owner's investment of equity in the company.
What is czpital?
300
Requires CEO to test and assure the integrity of the firm's internal control system.
What is one of the major requirement of the Sarbanes-Oxley Act.
300
A form of business that can exist indefinitely and that is owned by stockholders.
What is a corporation?
300
The error that results in assing or deleting zeros in the writing of a number. Example 43,500 becomes, 4,350.
What is a sliding error?
400
The procedures and guidlines that must be followed during the accounting process.
What are General Accepted Accounting Principles (GAAP)?
400
The Number '11".
What is the number of titled that The Sarbanese-Oxley is divided into?
400
Categorizing business as service, merchandise and, manufacturing.
What is classifying business organizations according to what it does to earn money?
400
The trial balance indicates that the ledger is in balance, however, a review of the ledger indicates an erroniou posting.
What is the consequences of a debit and credit amount being posted to the wrong account?
500
Analyzing, recording, classifying, summarizing, reporting, interpreting and, communication.
What is the accounting process?
500
Bernard Ebbers
What was the CEO of WorldCom during its scandelious years of 2001 and 2002?
500
The Fortune 500
What are the largest corporations in the United States known as?
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