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DEF TERMS

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2 views

DEF TERMS

Uploaded by

JebEscuetaAriola
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Download as DOCX, PDF, TXT or read online on Scribd
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II. Accounting and Business Enterprises.

Match the terms that follow with the


appropriate definitions.

SET A

1. The system of collecting and processing transaction data and communicating


financial information to decision-makers- Accounting information system
2. A part of the accounting process that involves only the recording of economic
events.-bookkeeping
3. A business organized as a separate legal entity under the operations of law,
having ownership
divided into transferable shares of stock.-Corporation
4. An area of accounting that uses accounting, auditing, and investigative skills to
conduct
investigations into theft and fraud-Forensic accounting
5. An accounting standard-setting body that issues standards adopted by many
countries outside of
the United States.-Iasb (international accounting standards board)
6. An area of public accounting involving tax advice, tax planning, preparing tax
returns, and
representing clients before governmental agencies.-Taxation
7. Accounting standards set by the IASB.-IFRS (International Financial Reporting
Standards
8. The field of accounting provides internal reports to help users make decisions
about their
companies.-Managerial accounting
9. An area of public accounting ranging from the development of accounting and
computer systems to
support services for marketing projects and merger and acquisition activities.-
Management Consulting
10. Having enough cash available to pay debts when they are due.-Liquidity
11. Activities of management engaged to obtain adequate funds for beginning and
continuing to
operate a business-Financing activities
12. The process of generating and communicating accounting information in the
form of financial
statements to decision-makers outside the organization-Financial Accounting
13. Activities of management engaged to spend long-term assets in ways that are
productive and will-Investing Activities
help a business achieve its objectives
14. The ability to earn enough income to attract and hold investment capital-
Profitability
15. An information system that measures, processes, and communicates financial
information about an identifiable economic entity.-Accounting Information System
16. The intentional preparation of misleading financial statements.-Fraudulent
Financial Reporting
17. Activities of management engaged in the day-to-day operation of the business-
Operating Activities
18. A code of conduct that addresses whether actions are right or wrong-Ethics
19. A private organization that establishes generally accepted accounting principles
(GAAP) in the
United States.-Financial Accounting Standards Board (FASB)
20. A business owned by two or more persons associated as partners.-Partnership

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