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Introductions to Business Quiz 8 Ch 11
Introductions to Business Quiz 8 Ch 11
10
Business
Undergraduate 1
05/25/2014

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Term
Accountants define cost as
Definition
the value of what is given up in exchange for something
Term
A(n) _____ is issued if the external auditor does not find any problems with the way a firm prepares and reports its financial statements.
Definition
unqualified opinion
Term
_____ provide reports, information, and analysis to managers to assist them with making better informed decisions
Definition
Managerial accountants
Term
_____ addresses the needs of the external stakeholders, including stockholders, creditors, and government regulators.
Definition
Financial accounting
Term
Investors are provided with _____ from the firms whose stock they own. These documents provide additional information about the firm’s practices and operations.
Definition
annual reports
Term
Bookkeepers encompass the routine procedures involved in reporting information about the financial transactions that affect an organization, while _____ go further by analyzing and interpreting this information and communicating the results to stakeholders
Definition
accountants
Term
What is the accounting equation?
Definition
assets = liabilities + owner’s equity
Term
While _____ is concerned with preparing financial statements for external stakeholders according to a fixed schedule, _____ provides information to internal stakeholders on an “as needed” basis.
Definition
financial accounting; managerial accounting
Term
The major output of financial accounting is a set of statements including the
Definition
balance sheet, income statement, and statement of cash flows.
Term
An auditor issuing a(n) _____ has uncovered serious and widespread problems with the preparation of a firm’s financial statements.
Definition
adverse opinion
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