Exam 1: Accounting: the Language of Business

Tax planning includes

The three major legal forms of business entity are the sole proprietorship,the partnership,and the ___________________.

The Sarbanes-Oxley Act includes rules on

Tax accounting is a service offered by public accounting firms that involves tax ____________________ and tax planning.

Which of the following is NOT an area in which accountants usually practice?

Ownership in a corporation is evidenced by shares of ___________________.

List at least three of the provisions of the Sarbanes-Oxley Act.

An accounting system is designed to accumulate and classify data about a firm's financial affairs and summarize it in the general journal.

The people,companies,or government agencies to whom a firm owes money are called ___________________.

The government agency that has final authority over the financial reporting of publicly owned corporations is

You have just entered college and decide to pursue a career as an accountant.What are the three areas in which an accountant can practice?

An example of an economic entity is

The Financial Accounting Standards Board is responsible for

The Securities and Exchange Commission (SEC)regulates the accounting methods and financial reporting of ____________________ owned corporations.

What is the "language of business?" List three groups who use this financial information.

How do sole proprietorships,partnerships,and corporations differ?

A business partnership can have only two partners.

As the first step in the development of generally accepted accounting principles,the FASB writes an exposure draft,which explains the topic under consideration.

An independent accountant who provides accounting services to the public for a fee is a

List at least five activities performed by managerial accountants.