Chapter 11-15
In addition to an emergency savings account what is your best defense against financial disasters
Insurance
Which of the following is NOT a type of information you would expect to find on a balance sheet
Net income
The Foreign Corrupt Practices Act of 1977 focuses on
Prohibiting bribery
The Sarbanes Oxely Act of 2002 was passed as a result of
Public reaction to several corporate accounting scandals
Disability Insurance will provide
Replacement income if you are disabled and cannot work
What was the new technology that played a key role in the reshaping of the political structure some of Europe's most powerful countries?
The movable type printing press
Accounting is
The recording, summarizing, and reporting of the economic activities and events of an organization
Hurricane Charley was what type of security threat
Natural disaster
Cuvita's job involves keeping track of and reporting her company's expenditures. What is her job title
Accountant
Credit card debt and auto loan should be under the heading of
Appreciating liabilities
Personal financial planning should ideally begin when you are
As early as possibly in your career
U.S. Securities Acts of 1933 and 1934 require filing and public disclosure of
Audited financial statements to the SEC
An organization prepares a list of the names of individuals who will serve as the contingency manager and primary contingency coordinators. This list is called a
Contingency organization chart
What is the biggest expense of merchandising firms such as Walmart, Best Buy and Kroger?
Cost of goods sold
By law,a publicly traded company's financial statements must audited by?
CPA's
not surprisingly, families with children tend to increase spending on
Child care
When a government agency or internal auditors evaluate a company's adherence to laws and regulations, they are conducting an
Compliance Audit
Elissa owns an expensive printing press cost $ 400,000 when it was new but five years later, has a value of only $200,000. The changing value is called
Depreciation
Enron CEO Jefferey Skilling hired Arthur Andersen, a public accounting firm, to asses the adequacy of the organization's accounting controls and to certify that the financial statements were properly prepared. Skilling was indicted for
Fraud, Conspiracy, Filing false statements to auditors, Inside trading, and all of the above
Automated accounting systems have many advantages over manual systems. Advantages do not include
Less reliance on human judgement
An audit trail describes the
Link between transactions and the financial statements
In a personal balance sheet, assets are listed in order of
Liquidity
Tarana manages an oil company to manage its inventory. Therefore Tarana must be
Management accountant
The value of a house as in investment asset
May or may not increase
Effective checkbook management includes
Monthly reconciliations
Theodore Roosevelt said "To educate a person in mind and not in is to educate a menace to society.
Morals
Net income is equal to
Revenues minus expenses
Reconciling a checkbook involves comparing the record of your expenditures with
The banks records
Which of the following is NOT one of the common corporate financial statements?
The expense account
A clash flow budget shows
The inflow and outflow of money
Current assets are called "current" because
They are cash or will be converted to cash soon
Shakespeare said the future would be
the undiscovered country (they didn't know were the world go financially and economically and technology wise)