Exam 7: Accounting: Decision Making by the Numbers

If an auditor identifies limited problems with the firm's financial methods and statements,but believes that in all other aspects the statements are fair and accurate,the auditor's report will express an adverse opinion.

Pierre's Gourmet Foods produces high-quality desserts and appetizers that are distributed by upscale grocery stores.When assigning production costs to its various food products,in which category are the costs of ingredients used to make a product?

Define and describe the purpose of a master budget.

If a firm's assets = $6000 and its liabilities = $3500,what is owners' equity?

Which type of accounting addresses the needs of managers,providing detailed reports to management with information that makes informed decision-making possible?

Which type of accountants combine their knowledge of accounting with investigative skills to help detect and investigate tax evasion,embezzlement,money laundering,and securities fraud?

Managerial accounting is the branch of accounting that provides reports and analysis to managers to help those managers make informed business decisions.

A balance sheet is a financial statement reporting the financial position of a firm at a particular point in time by identifying and reporting the value of the firm's assets,liabilities,and owners' equity.

The cash flows received from operations reported in the statement of cash flows should be exactly equal to the revenue the firm reports on its income statement.

Which of the following statements is the rationale for the accounting equation?

Which of the following are responsible for verifying accuracy of their organization's internal records and validating the accounting procedures?

Liabilities are resources owned by a firm.

The financing provided by owners is represented on the balance sheet as which of the following

What does a firm's financial budget include?

Which of the following items would be listed on an income statement?

Which type of accountants provide to individuals and businesses a wide variety of services on a fee basis,including income tax preparation,external auditing services,and consultation on a variety of accounting issues and problems?

The balance sheet is organized to reflect the accounting equation.What is the accounting equation?

The master budget is a combined statement of an organization's operational and financial budgets that represents the firm's overall plan of action for a specified time period.

Horizontal analysis compares the balance sheet in a given year to the income statement and statement of cash flows in that same year to ensure that these three statements contain consistent information.

Which of the following would provide reports,information,and analysis to managers to assist them with making better informed decisions?