accounting quiz one
Entering financial information about events affecting the company into the accounting system is called ____________________.
recording
The owners of a corporation are called ____________________.
stockholders
Writing or using one of the latest technological advances to enter a transaction in the accounting records is called summarizing.
False
A business that makes a product to sell is called a manufacturing business.
True
Generally accepted accounting principles are procedures and guidelines to be followed in the accounting/reporting process.
True
____________________ involves the application of standard review and testing procedures to be certain that proper accounting policies and practices have been followed.
auditing
____________________ is the process by which accountants help managers develop a financial plan.
budgeting
The accountant who oversees the entire accounting process and is the principal accounting officer of the company is called the ____________________.
controller
The principal accounting officer of a company is called a public accountant.
f
____________________ includes preparing various reports and financial statements and analyzing operating, investing, and financing decisions.
financial accounting
A CMA is a Certified Marketing Auditor.
False
Cost accounting is used to develop a financial plan for a company.
Falseaccoun
Which of the following does NOT use nonprofit accounting guidelines and procedures?
proprietorships