Author: Christine Farr


The Financial Accounting Standards Board hopes to make the U.S. accounting practices

As a _____ you work within an organization, preparing reports and analyzing financial information such as budgets and cost management.

_____ accountants provide services such as tax preparation, external auditing, or management consulting to clients on a fee basis.

_____ is/are the claims owners have against their firm’s assets.

Investors are provided with _____ from the firms whose stock they own.  These documents provide additional information about the firm’s practices and operations.

What is the accounting equation?

_____ provide reports, information, and analysis to managers to assist them with making better informed decisions.

The major output of financial accounting is a set of statements including the

The _____ budget brings together all of the firm’s budgeting documents to provide a unified plan for the a specific budget period.

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.

_____ consist(s) of the stocks of goods, materials, parts, and work-in-process that firms hold as part of doing business.

Financial planning asks all of the following questions EXCEPT:

Capital _____ is the process a firm uses to evaluate long-term investment proposals.

_____ are short-term IOUs issued by the U.S. government that mature in 4, 13, or 26 weeks.

Financial managers measure the benefits and costs of long-term investment proposals in terms of

A _____ is used to predict when a firm will likely experience temporary shortages or surpluses of cash.

Equity financing is provided by ____ while debt financing is provided by ____.

_____ are companies that provide short-term financing to firms by purchasing accounts receivable at a discount.

_____ are short-term, very safe, and highly liquid assets that firms include in the cash holdings they report on their balance sheet.

_____ is the functional area of business that is responsible for finding, among many alternatives, the best sources of funds and the best way to use them.

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