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