Exam 1: Introduction to Accounting

____________________ is deciding the meaning and importance in various reports,which may include ratio analysis to help explain how pieces of information relate to one another.

Match the terms with the definitions. -A type of ownership structure in which more than one person owns the business.

A business that buys a product from another business to sell to customers is called a(n)____________________ business.

____________________ is the process by which accountants help managers develop a financial plan.

Match the terms with the definitions. -The process in which accountants help managers develop a financial plan.

A person who reviews the operating and accounting control procedures adopted by management to make sure the controls are adequate and are being followed may be referred to as a(n)

Match the terms with the definitions. -A system of gathering financial information about a business and reporting this information to users.

Bringing together various items of information to determine or explain a result is

Match the terms with the definitions. -Focusing on tax planning,preparing tax returns,and dealing with the Internal Revenue Service and other governmental agencies.

Match the terms with the definitions. -Reviewing and testing to be certain that proper accounting policies and practices have been followed.

Match the terms with the definitions. -Entering financial information about events affecting the company into the accounting system.

____________________ involves the application of standard review and testing procedures to be certain that proper accounting policies and practices have been followed.

Match the terms with the definitions. -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.

Generally accepted accounting principles are procedures and guidelines to be followed in the accounting/reporting process.

Match the terms with the definitions. -A type of ownership structure in which one person owns the business.

A business that makes a product to sell is called a(n)____________________ business.

Match the terms with the definitions. -Includes preparing various reports and financial statements and analyzing operating,investing,and financing decisions.

Match the terms with the definitions. -A business that provides a service.

Match the terms with the definitions. -A system of gathering financial information about a business and reporting this information to users.

Match the terms with the definitions. -Looking at events that have taken place and thinking about how they affect the business.