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20 Cards in this Set
- Front
- Back
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Although managers who work for large firms must know something about accounting. True or False |
False |
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Accounts do the work involved in recording financial events in transactions but the actual class. True or False |
False |
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A firm statement represent a health report regarding the condition of the file. True or false |
True |
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A book keepers 1st task is to record the firm's transaction in a journal. True or false |
False |
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Double entry book keepers required every transaction be reported in 2 places. True or false |
True |
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The accounting book that provides all the info about a single account in one place. True or False |
True |
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The key financial statements are the balance sheet, the income statement and the statement. True or false |
True |
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Recent accounts scandals raise serious questions about the legitimacy of an accounting firms. True or False |
True |
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An important difference between accounts and other business functions such as marketing and management |
Accounting offers us insight into whether the business is financially sound |
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Accountants record classify and _______ the results of the financial info they gather |
Interpret |
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Accounting transactions are very import into a firm's operation |
Buying and selling goods and services |
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The account book or computer program where each day's transaction are |
Journal |
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The 6th and final step in the accountant cycle |
Analyzing major accountant statements |
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A comparison of bookkeeping and accounting indicates that |
Bookkeeping involves recording financial info while account is consider |
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The 3rd important financial statements prepare by accountants are |
Balance sheet income statement and statement of cash flow |
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When companies owe money to creditors and others these outstanding or |
Liabilities |
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The most liquid asset is |
Cash |
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Revenue minus cost of good sold |
Gross profit |
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_______ Is the monetary value that is received |
Revenue |
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______ Is the systemic write-off of the value of tangible asset over it's useful life |
Depreciation |
