The type of accounting that provides managers and employees within the organization with the information needed to make decisions about a firm's financing, investing, marketing and operating activities?
What is managerial accounting?
100
Fill in the blank: The accounting equation is: _______ = Liabilities + Owners' Equity
What is assets?
100
The other name for the balance sheet
What is the Statement of Financial Position?
100
The dollar amounts earned by a firm from selling goods, providing services, or performing business activities
What are revenues?
100
The financial statement that illustrates how the company's operating, investing and financing activities affect cash during an accounting period.
What is the Statement of Cash Flows?
200
The type of accounting that is involved in determining the cost of producing specific products or services
What is cost accounting?
200
The resources a business owns - such as cash, inventory, equipment and real estate
What are assets?
200
The ease with which an asset can be converted into cash
What is liquidity?
200
The total dollar amount of all goods and services sold during the accounting period
What are gross sales?
200
The ratio used to evaluate a firm's ability to pay its current liabilities
What is the current ratio?
300
The type of accounting that is involved in planning tax strategy and preparing tax returns for firms or individuals
What is tax accounting?
300
A system in which each financial transaction is recorded in two separate accounting entries to maintain the balance shown in the accounting equation
What is a double-entry bookkeeping system?
300
Assets that can be converted quickly into cash or that will be used within one year or less
What are current assets?
300
The actual dollar amounts received by the firm for the goods and services it has sold after adjustment for returns, allowances and discounts
What are net sales?
300
The the ratio that is approximated by dividing the cost of goods sold in one year by the average value of the firm's inventory
What is inventory turnover?
400
The type of accounting that generates financial statements and reports for interested people outside of an organization, such as stockholders, lenders, and government agencies?
What is financial accounting?
400
The firm's debts -- i.e., borrowed money it owes to others that must be repaid.
What are liabilities?
400
The process of apportioning the cost of a fixed asset over the period during which it will be used (i.e., its useful life)
What is depreciation?
400
All business costs other than the cost of goods sold
What are operating expenses?
400
A statement of cash flows provides information about the company's cash receipts and cash payments and is organized around three different activities: operating, investing and _______.
What is financing?
500
An accounting who works on a fee basis for clients and may be self-employed or be the employee of an accounting firm.
What is a public accountant?
500
The difference between total assets and total liabilities (i.e., what would be left for the owners if the firm's assets were sold and the money used to pay off its liabilities)
What is owners' equity?
500
Assets that do not exist physically but that have a value based on the rights or privileges they confer on a firm
What are intangible assets?
500
Price reductions offered to customers who accept slightly damaged or soiled merchandise
What are sales allowances?
500
The ratio that determines how effectively a firm is transforming sales into profits