Principles Of Accounting
12th Edition
ISBN: 9781285637877
Author: NEEDLES
Publisher: Cengage
expand_more
expand_more
format_list_bulleted
Textbook Question
Chapter 1, Problem 13EA
Match the terms that follow with the appropriate descriptions.
- 1. Communication
- 2. Business transactions
- 3. Investors
- 4. Financial Accounting Standards Board (FASB)
- 5. Creditors
- 6. Management
- 7. Bookkeeping
- 8. Securities and Exchange Commission (SEC)
- 9. Money measure
- 10. Sarbanes-Oxley Act
- 11. Financial statements
- 12. Management information system
- a. The recording of all business transactions in terms of money
- b. A process by which information is exchanged between individuals through a common system of symbols, signs, or behavior
- c. The process of identifying and assigning values to business transactions
- d. Legislation requiring CEOs and CFOs to swear that any reports they file with the SEC are accurate and complete
- e. Show how well a company is meeting the goals of profitability and liquidity
- f. Collectively, the people who have overall responsibility for operating a business and meeting its goals
- g. People who commit money to earn a financial return
- h. The interconnected subsystems that provide the information needed to run a business
- i. The most important body for developing and issuing rules on accounting practice, called Statements of Financial Accounting Standards
- j. An agency set up by Congress to protect the public by regulating the issuing, buying, and selling of stocks
- k. Economic events that affect a business’s financial position
- l. People or businesses to whom money is due
Expert Solution & Answer
Trending nowThis is a popular solution!
Students have asked these similar questions
Knowledge Check 01
Identify the type of activity by choosing the best answer for
each question.
Select each item listed below as being an identifying,
recording, or a communicating activity.
Items
Preparing and entering a list of checks issued.
Using a cash register to enter sales.
Entering a list of the sales invoices, including the prices and quantities, for the company's recordke
Interpreting information from financial reports.
Preparing financial statements for creditors.
A written order for a bank or other financialinstitution to pay a stated dollar amountto a specified business or person is called aa. check.b. deposit slip.c. notes receivable.d. receipt.e. debit memorandum
Identify and explain the components of IT Bank's Balance Sheet?
Chapter 1 Solutions
Principles Of Accounting
Ch. 1 - What makes accounting a valuable discipline?Ch. 1 - Prob. 2DQCh. 1 - Prob. 3DQCh. 1 - How are expenses and withdrawals similar, and how...Ch. 1 - How do generally accepted accounting principles...Ch. 1 - Why do managers in governmental and not-for-profit...Ch. 1 - Prob. 1SECh. 1 - Match the descriptions that follow with the...Ch. 1 - Determine the amount missing from each accounting...Ch. 1 - Use the accounting equation to answer each...
Ch. 1 - Use the accounting equation to answer each...Ch. 1 - Prob. 6SECh. 1 - Use the following accounts and balances to prepare...Ch. 1 - Randall Company engaged in activities during the...Ch. 1 - Prob. 9SECh. 1 - Prob. 10SECh. 1 - Prob. 1EACh. 1 - Financial accounting uses money measures to gauge...Ch. 1 - You have been asked to compare the sales and...Ch. 1 - Use the accounting equation to answer each...Ch. 1 - Daiichi Companys total assets and liabilities at...Ch. 1 - 1. Indicate whether each of the following accounts...Ch. 1 - Listed in random order are some of Oxford Services...Ch. 1 - Dukakis Company had the following accounts and...Ch. 1 - Prob. 9EACh. 1 - Prob. 10EACh. 1 - Complete the financial statements that follow by...Ch. 1 - Prob. 12EACh. 1 - Match the terms that follow with the appropriate...Ch. 1 - Prob. 14EACh. 1 - Prob. 15EACh. 1 - Prob. 1PCh. 1 - The following three independent sets of financial...Ch. 1 - Fuel Designs financial accounts follow. The...Ch. 1 - The accounts of Frequent Ad, an agency that...Ch. 1 - Athena Riding Clubs financial statements follow.Ch. 1 - A list of financial statement items follows....Ch. 1 - Three independent sets of financial statements...Ch. 1 - Prob. 8APCh. 1 - Prob. 9APCh. 1 - Aqua Swimming Clubs financial statements follow....Ch. 1 - Costco Wholesale Corporation is Americas largest...Ch. 1 - Prob. 2CCh. 1 - Prob. 3CCh. 1 - Prob. 4CCh. 1 - Refer to the CVS annual report and the financial...
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Similar questions
- Explain how the accounting equation organizes financial information using T-accounts and debits and credits.arrow_forwardWhich area of accounting needs a computerized accounting information system the most—payroll, tax, or preparing financial statements?arrow_forwardDiscuss what information would be most useful for these users of accounting information: Management Employees Investors Creditors Customers Tax authoritiesarrow_forward
- The details to a business bank reconciliationarrow_forwardMatch the definitions below with the correct term. A system that collects and processes [ Choose ] financial information to decision-makers. [Choose] transaction data and communicates Accounts payable (creditors') subsidiary ledger Cash receipts journal Accounts receivable (customers') subsidiary ledger Special journals A subsidiary ledger that collects transaction data of individual creditors. Control account A subsidiary ledger that collects Accounting information system transaction data of individual customers. Purchases journal A group of accounts with a common characteristic Subsidiary ledger Cash payments (cash disbursements) journal Sales journal A special journal that records all disbursements of cash. Cybercrime Manual accounting system A special journal that records all cash [Choose ] received. An account in the general ledger that summarizes subsidiary ledger data. [ Choose ] A crime that involves the Internet, a [ Choose ] computer system, or computer technology. A system…arrow_forwardWhich of the below tasks would typically be carried out by the Controller? Preparation of financial statements Determining financial strategy Maintaining banking relationships Overseeing cash managementarrow_forward
- business continuity plan recommendated for a bank dealing with COVID-19arrow_forwardIdentify the following users of accounting information as either an (a) external or (b) internal user. Bank lenderarrow_forwardExplain the usefulness of Financial statement information to the following stakeholders: i. Financial Analyst ii. Employee iii. Debtors iv .Government Agency y s gencyarrow_forward
- Accompanying the bank statement was a debit memo for bank service charges. What entry is required in the company's accounts? a. debit Miscellaneous Administrative Expense; credit Cash b. debit Cash; credit Accounts Payable c. debit Accounts Payable; credit Cash d. debit Cash; credit Other Incomearrow_forwardIncorporate the following data into Bank X's revenue statement. Each item should be labelled and placed in the proper category and order. Commission ,exchange and brokerage received.Income on InvestmentsInterest paid on depositsPayments to and provisions for employeesInterest paid on BBI/ interbank borrowingsInterest/discount received on advances/billsIncome from leasing/hire purchaseInterest paid-othersProfit on exchange transactionsRent, taxes, lightingInsuranceLaw chargesProfit on sale of land, buildings and other assetsMiscellaneous incomeAuditor’s fees and expensesPrinting and stationaryProfit on sale of investmentsDepreciation on bank’s propertyIncome by way of dividends and subsidiariesAdvertisement and PublicityInterest earned – othersDirector’s fees, allowances and expensesMiscellaneous incomeRepairs and maintenanceOther expensesPostage, telegram, telephone and other communication expensesInterest received on balances with RBI and interbank funds.arrow_forwardWhich of the following activities is associated with the management accounting information system?A. Reporting to the shareholdersB. Preparing a statement of cash flowsC. Reporting on the cost of qualityD. Preparing reports for the tax authoritiesarrow_forward
arrow_back_ios
SEE MORE QUESTIONS
arrow_forward_ios
Recommended textbooks for you
- Intermediate Accounting: Reporting And AnalysisAccountingISBN:9781337788281Author:James M. Wahlen, Jefferson P. Jones, Donald PagachPublisher:Cengage LearningSurvey of Accounting (Accounting I)AccountingISBN:9781305961883Author:Carl WarrenPublisher:Cengage LearningPrinciples of Accounting Volume 2AccountingISBN:9781947172609Author:OpenStaxPublisher:OpenStax College
- Principles of Accounting Volume 1AccountingISBN:9781947172685Author:OpenStaxPublisher:OpenStax College
Intermediate Accounting: Reporting And Analysis
Accounting
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:Cengage Learning
Survey of Accounting (Accounting I)
Accounting
ISBN:9781305961883
Author:Carl Warren
Publisher:Cengage Learning
Principles of Accounting Volume 2
Accounting
ISBN:9781947172609
Author:OpenStax
Publisher:OpenStax College
Principles of Accounting Volume 1
Accounting
ISBN:9781947172685
Author:OpenStax
Publisher:OpenStax College
ACCOUNTING BASICS: Debits and Credits Explained; Author: Accounting Stuff;https://www.youtube.com/watch?v=VhwZ9t2b3Zk;License: Standard Youtube License