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)