Exam 5 Study Guide.docx - BUS 101 EXAM 5(Chapters 14-16 Study Guide Following are topics that will be covered in Exam 5 I highly recommend you use your

Exam 5 Study Guide.docx - BUS 101 EXAM 5(Chapters 14-16...

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BUS 101 EXAM 5 (Chapters 14-16) Study Guide Following are topics that will be covered in Exam 5. I highly recommend you use your resources (i.e. Connect, textbook, notes) to ensure you are knowledgeable of the following topics. Chapter 14 1._______________________ is the process of recording, measuring, and interpreting financial information.2.The _______________________ Act required firms to be more rigorous in their accounting and reporting practices and _______________________ their consulting and auditing businesses. 3.The_______________________Act limits the types of assets commercial banks can buy, the amount of capital they must maintain, and the use of derivative instruments, such as options, futures, and structured investment products.4._______________________ accounting involves analyzing financial documents in search of fraudulent entries or financial misconduct.5._______________________are likely to have a title such as controller, tax accountant, and internal auditor.6._______________________ is the movement of money through an organization over a daily, weekly, monthly, or yearly basis.7.The single most important component of an annual report is the _______________________.8._______________________ is the money contributed to a firm that never has to be paid back.9.The first step in the accounting cycle is to_______________________10.In the accounting cycle, after examining source documents and recording transactions in an accounting journal, what is the next step taken by a financial manager? 11.What is the last step that must be taken before a public corporation's books can be closed for an accounting cycle?12.An _______________________ shows an organization's profitability over a period of time.13.An accounting term that is interchangeable with revenue is: _______________________.14._______________________ is the total amount of money received from the sale of goods or services, as well as from other business activities, such as the rental of property and investments.15.Nonbusiness entities typically obtain revenue through _______________________.16.Salaries of executives and their staff are included under the category of _______________________ expenses.17.Depreciation, a type of expense, is included in the _______________________ category.18._______________________ is the process of spreading the costs of long-lived assets, such as buildings and equipment, over the total number of accounting periods in which they are expected to be used.19.When a piece of equipment when it is fully depreciated it has a _______________________ value on the firm’s balance sheet.20.At the end of each accounting period, the dollar amounts in all the revenue and expense accounts are moved into an account called _______________________. 1

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