The branch of accounting that provides reports and analysis to managers to help them make informed business decisions?
What is managerial accounting?
100
Fill in the blank: The accounting equation is: _______ = Liabilities + Owners' Equity
What is assets?
100
Liabilities are categorized into two types of liabilities:
current liabilities
long-term liabilities
100
Increases in a firm’s assets that result from the sale of goods, provision of services, or other activities intended to earn income.
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
Branch of accounting that prepares financial statements for use by owners, creditors, suppliers, and external stakeholders
What is financial accounting?
400
The firm's debts -- i.e., Claims that outsiders have against firm’s assets
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
Compares account values reported on statements over two or more years to identify changes and trends
What is horizontal analysis?
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
The basic equation on which an income statement is based is:
What is Revenue - expenses = net profit?
500
A management tool that explicitly shows how a firm will acquire and use the resources needed to achieve its goals over a specific time period.