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Exam 8: Managing Human Resources and Labor Relations

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Question 21

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_____________ accounting is used to provide information and analysis to managers within the organization to assist them in decision making.

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Question 22

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GAAP stands for generally accepted accounting principles.

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Question 23

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Accounting is the recording,classifying,summarizing and interpreting of financial events and transactions,in order to provide management and other stakeholders the information they need to make good decisions.

Explain what accounting is and why it is important.

The statement of cash flows provides a summary of money coming into and going out of the firm and tracks a company's cash receipts and cash payments.

Which of the following is an asset of a corporation?

A trial balance is a summary of all the financial data in the account ledgers to check whether the figures are correct and balanced.

The __________ summarizes revenues,cost of goods and expenses for a specific period of time.

The primary users of government accounting information are:

Annual reports are yearly statements of the financial condition,progress and expectations of an organization.

An independent _________ is an evaluation,an unbiased opinion,regarding the accuracy of a company's financial statements.

____________ is the value of what is received from goods sold,services rendered and other financial sources.

A(n)___________ is a summary of all the financial data in the account ledgers.It is used to check whether the figures are correct and balanced.

A ________ is a summary of all the financial data in the account ledgers.

___________ is the recording of business transactions.

____________ are economic resources (things of value)owned by a firm.

Because not for profit organizations do not make profits,they do not require accountants/

Ratio analysis is the assessment of a firm's financial condition and performance through calculations and interpretation of financial ratios developed from the firm's financial statements.

Public accountants work for a single firm,government agency or nonprofit organization.

Financial accounting is used to provide information and analysis to managers within the organization to assist them in decision making.