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auncting chaper 1
| Question | Answer |
|---|---|
| balance | Designs the accounting information system and focuses on analyzing and |
| Credit | A system of gathering financial information about a business and reporting this information to users. |
| accounting clerk | Records, sorts, and files accounting information. |
| Analyzing | Looking at events that have taken place and thinking about how they affect the business. |
| Auditing | Focusing on tax planning, preparing tax returns, and dealing with the Internal Revenue Service and other governmental agencies. |
| Bookkeeper | Generally supervises the work of accounting clerks, helps with daily accounting work, and summarizes accounting information. |
| Budgeting | The process in which accountants help managers develop a financial plan. |
| Certified Fraud Examiner | A forensic accountant who has passed the exam offered by the Association of Certified Fraud Examiners. |
| Certified Internal Auditor (CIA) | An internal auditor who has achieved professional recognition by passing the uniform examination offered by the Institute of Internal Auditors. |
| Certified Management Accountant (CMA) | An internal auditor who has achieved professional recognition by passing the uniform examination offered by the Institute of Internal Auditors. |
| Certified Management Accountant (CMA) | An accountant who has passed an examination offered by the Institute of Management Accountants. = A public accountant who has met certain educational and experience requirements and has passed an examination prepared by the American Institute of Certi |
| Classifying | Sorting and grouping similar items together rather than merely keeping a simple, diary-like record of numerous events. |
| Corporation | The accountant who oversees the entire accounting process and is the principal accounting officer of a company. |
| cost accounting | A type of ownership structure in which stockholders own the business. The owners' risk is usually limited to their initial investment, and they usually have very little influence on the business decisions. |
| discussion memorandum | Determining the cost of producing specific products or providing services and analyzing for cost effectiveness. |
| exposure draft | he first document issued by FASB when developing an accounting standard. This document identifies the pros and cons of various accounting treatments for an event. |
| financial accounting | This document explains the rules that FASB believes firms should follow in accounting for a particular event. Based on the responses to the exposure draft, the Board will decide if any changes are necessary before issuing a final standard. |
| forensic accounting | Includes preparing various reports and financial statements and analyzing operating, investing, and financing decisions. |
| generally accepted accounting principles (GAAP) | A specialized field that combines fraud detection, fraud prevention, litigation support, expert witnessing, business valuations, and other investigative activities. |
| internal auditing | Procedures and guidelines developed by the Financial Accounting Standards Board to be followed in the accounting and reporting process. |
| interpreting | Reviewing the operating and accounting control procedures adopted by management to make sure the controls are adequate and being followed; assuring that accurate and timely information is provided. |
| management advisory services | Deciding the meaning and importance of the information in various |
| manufacturing business | Providing advice to businesses on a Wide variety of managerial issues. |
| merchandising business | A business that makes a product to sell. |
| para-accountant | A business that buys products to sell. |
| Partnership | A paraprofessional who provides many accounting, auditing, or tax services under the direct supervision of an accountant. |
| public hearing | A type of ownership structure in which more than one person owns the business. |
| Recording | Following the issuance of a discussion memorandum, public meetings are often held by FASB to gather opinions on the accounting issue. |
| Recording | An act passed by Congress to help improve reporting practices of public companies. |
| Reporting = | vAn act passed by Congress to help improve reporting practices of public companies. |
| Reporting = | An act passed by Congress to help improve reporting practices of public companies. |
| Reporting = | An act passed by Congress to help improve reporting practices of public companies. |
| debit | To enter an amount on the left side of an account. |
| debit balance | The normal balance of asset, expense, and drawing accounts. |
| double-entry accounting | double-entry accounting |
| footings | The total dollar amounts on the debit and credit sides of an account |
| normal balance | The side of an account that is increased. |
| trial balance | A list of all accounts, showing the title and balance of each account, used to prove that the sum of the debits equals the sum of the credits. |
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