Word Bank:

• management accountant
• FASB
• liability
• IASC
• income statement
• profitability ratios
• open book management
• accrual accounting
• leveraging ratios
• accounting equation
• sarbanes only act (SOX)
• asset
• budget
• balance sheet
• cerfified public accountant
• international accepted accounting principles (GAAP)
• Owners equity

1. The claims of a company's creditors are a(n) _____.

2.The _____ is a statement of a company's financial position on a particular date.

3.The accounting method that records revenues and expenses when they occur is called _____.

4._____ represents the proprietors' claims (those of stockholders, in the case of a corporation) against the firm's assets.

5.The basic relationship that states assets equal liabilities plus owners' equity is called the _____.

6.The _____ created the Public Accounting Oversight Board to handle well-known cases of accounting fraud and respond to questions about the independence of auditors.

7.A financial record of a company's revenues, expenses, and profits over a specific period of time is called the _____.

8.A(n) _____requires aminimum of a bachelor's degree; 150 hours of education and experience; and the completion of a number of rigorous tests in accounting theory and practice, auditing, law, and taxes.

9.The _____ are regulations and interpretations adopted by the International Accounting Standards Board.

10.A(n) _____ is anything of value owned or leased by a business.

11.Proponents of _____ allow employees to view sensitive financial information so that they better understand how their work contributes to the company's success.

12.An organization's overall financial performance is measured by its _____, which evaluates the ability to generate revenues in excess of operating costs and other expenses.

13.In the United States, the Financial Accounting Standards Board (FASB) is primarily responsible for evaluating, setting, or modifying _____.

14.The _____ is primarily responsible for evaluating, setting, or modifying the generally accepted accounting principles.

15._____ measure the extent to which a company relies on debt financing.

16.A(n) _____ is employed by a business other than a public accounting firm.

17.The _____ was established to promote worldwide consistency in financial reporting practices.

18.A(n) _____ is a planning and controlling tool that reflects a company's expected sales revenues, operating expenses, and cash receipts and outlays.