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
Results of the unethical and fraudulent accounting practices of some of the major U.S. corporations such as Enron, WorldCom and others.
What is Sarbanes-Oxley Act of 2002?
100
A type of business organization that has one owner.
What is a Sole Proprietorship?
100
The Income Statement, Statement of Owner's Equity and, Balance Sheet.
What are the three major financial statement?
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
Despite the intent of Congress, The Sarbanese-Oxley Act has been nothing but intrusive and expensive.
What is onr of the main contention of critics of the Sarbanese-Oxley Act?
200
A form of business ownership that has at least two owners.
What is a partnership?
200
An accounting statement that details the performance of a firm for a specific period.
What is the income statement?
200
Step number four of the accounting cycle.
What is preparing the trial balance?
300
The owner's investment of equity in the company.
What is capital?
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
A financial statement that reveals the change in capital.
What is the statement of owner's equity?
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
Statement that verifies the balancce of the accounting equation.
What is the balance sheet?
400
The trial balance indicates that the ledger is in balance, however, a review of the ledger indicates an erronious 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?
500
The ending balance amount of the statement of owner's equity is transferred to.
What is the owner's equity section of the balance sheet?
500
Items (accounts) are listed in the same order as in the ledger or chart of accounts.
What is the order to list items (accounts) on the trial balance?
M
e
n
u