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.

See More
Try a College Course Free

Sophia’s self-paced online courses are a great way to save time and money as you earn credits eligible for transfer to over 2,000 colleges and universities.*

Begin Free Trial
No credit card required

26 Sophia partners guarantee credit transfer.

226 Institutions have accepted or given pre-approval for credit transfer.

* The American Council on Education's College Credit Recommendation Service (ACE Credit®) has evaluated and recommended college credit for 21 of Sophia’s online courses. More than 2,000 colleges and universities consider ACE CREDIT recommendations in determining the applicability to their course and degree programs.