Term
| Accountants define cost as |
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Definition
| the value of what is given up in exchange for something |
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Term
| A(n) _____ is issued if the external auditor does not find any problems with the way a firm prepares and reports its financial statements. |
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Term
| _____ provide reports, information, and analysis to managers to assist them with making better informed decisions |
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Term
| _____ addresses the needs of the external stakeholders, including stockholders, creditors, and government regulators. |
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Term
| Investors are provided with _____ from the firms whose stock they own. These documents provide additional information about the firm’s practices and operations. |
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Term
| Bookkeepers encompass the routine procedures involved in reporting information about the financial transactions that affect an organization, while _____ go further by analyzing and interpreting this information and communicating the results to stakeholders |
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Definition
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Term
| What is the accounting equation? |
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Definition
| assets = liabilities + owner’s equity |
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Term
| While _____ is concerned with preparing financial statements for external stakeholders according to a fixed schedule, _____ provides information to internal stakeholders on an “as needed” basis. |
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Definition
| financial accounting; managerial accounting |
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Term
| The major output of financial accounting is a set of statements including the |
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Definition
| balance sheet, income statement, and statement of cash flows. |
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Term
| An auditor issuing a(n) _____ has uncovered serious and widespread problems with the preparation of a firm’s financial statements. |
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