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RSM ch15

カード 112枚 作成者: Siyang Fan (作成日: 2016/02/17)

  • who need accounting information

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  • 1

    who need accounting information

    補足(例文と訳など)

    答え

    • 1.investor creditor shareholder 2. management 3. employees and union officials 4.lender supplier 5. government consumer groups

    解説

  • 2

    how investor and debitor use accounting information?

    補足(例文と訳など)

    答え

    • evaluate operation and make investment decisons

    解説

  • 3

    how management use accounting information

    補足(例文と訳など)

    答え

    • plan and control

    解説

  • 4

    how employee and union official use accounting inforamtion

    補足(例文と訳など)

    答え

    • contract negotiation

    解説

  • 5

    how lender and supplier use the accounting information

    補足(例文と訳など)

    答え

    • credit ratings

    解説

  • 6

    how government, consumer groups uses accounting information

    補足(例文と訳など)

    答え

    • tax, approve new issue of security

    解説

  • 7

    what is this called? companies share sensitive financial information with their employees and teach them how to understand and use financial statements

    補足(例文と訳など)

    答え

    • open-book management

    解説

  • 8

    *any company whose stock is traded publicly must report its financial results on a regular basis.

    補足(例文と訳など)

    答え

    • .

    解説

  • 9

    which federal agency needs the accounting information for tax liability? (also provincial tax office exists)

    補足(例文と訳など)

    答え

    • CRA

    解説

  • 10

    which program is organized by CRA, for federal and provincial income tax return?

    補足(例文と訳など)

    答え

    • Community volunteer income tax program (CVITP)

    解説

  • 11

    3 activities involve accounting

    補足(例文と訳など)

    答え

    • financing (拿钱) investing( 花钱买asset) operating(buy and sell goods, expenses)

    解説

  • 12

    4 types of accountants

    補足(例文と訳など)

    答え

    • public, management, government, not-for-profit

    解説

  • 13

    3 basic services for public accountants

    補足(例文と訳など)

    答え

    • 1.auditing 2.tax preparation 3. management consulting -->unbiased

    解説

  • 14

    *public accountants can not provide auditing and consulting and tax preparation services at the same time

    補足(例文と訳など)

    答え

    • .

    解説

  • 15

    a type of public accountant, focus on uncovering potential fraud in many different organizations.

    補足(例文と訳など)

    答え

    • forensic accountant

    解説

  • 16

    which 3 branches now converge into CPA

    補足(例文と訳など)

    答え

    • CA CMA CGA

    解説

  • 17

    what is the cost accountant's job?

    補足(例文と訳など)

    答え

    • decide cost and set price

    解説

  • 18

    what is internal auditor's job?

    補足(例文と訳など)

    答え

    • make sure data is accurate and handle with regulations and laws

    解説

  • 19

    what is tax account's job

    補足(例文と訳など)

    答え

    • minimize tax bill and prepare tax return

    解説

  • 20

    *strict regulation increases the demand for management accountant-->higher salary

    補足(例文と訳など)

    答え

    • .

    解説

  • 21

    *government and not-for-profit accountant are actually the management accountant

    補足(例文と訳など)

    答え

    • .

    解説

  • 22

    what is the goal of govern accountant and NFP accountant

    補足(例文と訳など)

    答え

    • how efficient to reach the objectives

    解説

  • 23

    more NFPs publish their financial statement, why?

    補足(例文と訳など)

    答え

    • donors care about their accountability

    解説

  • 24

    what GAAP includes

    補足(例文と訳など)

    答え

    • international financial reporting standard, accounting standards of private enterprise, accounting standards for NFP, accounting standards for government, accounting standards for pension plan

    解説

  • 25

    what are the GAAP qualitative characters?

    補足(例文と訳など)

    答え

    • 1.relevance 2,reliability 3.representation truthfulness 4.consistency 5. timeliness 6.comparability 7.understandability 8.verifiability

    解説

  • 26

    which organization is responsible for GAAP standards related to pension plan, business and NFP

    補足(例文と訳など)

    答え

    • accounting standard board(AcSB)

    解説

  • 27

    which is responsible for accounting standard in government

    補足(例文と訳など)

    答え

    • public sector accounting board

    解説

  • 28

    why public firms are required to use international financial reporting standards?

    補足(例文と訳など)

    答え

    • comparability-->international investors

    解説

  • 29

    organization that promotes worldwide consistency in financial reporting practices and adopt IFRS

    補足(例文と訳など)

    答え

    • international accounting standard board

    解説

  • 30

    what is the difference between IFRS and ASPE(accounting standard of private enterprise)

    補足(例文と訳など)

    答え

    • ASPE: asset is historic cost - depreciation IFRS: current market value -->more transparent, less complicated, clearer asset value

    解説

  • 31

    organization that interprets and modifies GAAP in the United States.

    補足(例文と訳など)

    答え

    • financial accounting standard board

    解説

  • 32

    which developed country is not using IFRS?

    補足(例文と訳など)

    答え

    • USA

    解説

  • 33

    This five-member board has the power to set audit standards and to investigate and approve the accounting firms that certify the books of publicly traded firms

    補足(例文と訳など)

    答え

    • public company accounting oversight board

    解説

  • 34

    two laws avoid auditing fraud

    補足(例文と訳など)

    答え

    • SOX bill198

    解説

  • 35

    SOX and Bill 198 also added to the reporting requirements for publicly traded companies.__________must personally certify that the financial information reported by the company is correct.

    補足(例文と訳など)

    答え

    • CEO CFO

    解説

  • 36

    federal law that prohibits Canadian citizens and companies from bribing foreign officials to win or continue business

    補足(例文と訳など)

    答え

    • corruption of foreign public officials act

    解説

  • 37

    *It is expensive for firms to meet GAAP standards and the requirements of SOX and Bill 198. For example, audits can cost millions of dollars each year. These expenses can be especially difficult for small businesses.

    補足(例文と訳など)

    答え

    • .

    解説

  • 38

    what is this: the set of activities involved in converting information and individual transactions into financial statements.

    補足(例文と訳など)

    答え

    • accounting cycle

    解説

  • 39

    which step is needed to put entry in chronological order and give some brief introduction on journals

    補足(例文と訳など)

    答え

    • record

    解説

  • 40

    which step: the journal data are transferred to a single account ( All entries involving cash are brought together in the ledger’s cash account; all entries involving sales are recorded in the ledger’s sales account.)

    補足(例文と訳など)

    答え

    • classifying

    解説

  • 41

    *summarizing

    補足(例文と訳など)

    答え

    • .

    解説

  • 42

    4 kinds of financial statements

    補足(例文と訳など)

    答え

    • balance sheet income statement statement of cash flows statement of changes in equity

    解説

  • 43

    *Assets include land, buildings, supplies, cash, accounts receivable , and marketable securities

    補足(例文と訳など)

    答え

    • .

    解説

  • 44

    *patent and trademarks are intangible asset

    補足(例文と訳など)

    答え

    • .

    解説

  • 45

    account payable, notes payable, long-term debt, accrued wages are all ____

    補足(例文と訳など)

    答え

    • liability

    解説

  • 46

    *A strong owners’ equity position is often used as evidence of a firm’s financial strength and stability.

    補足(例文と訳など)

    答え

    • .

    解説

  • 47

    what is this:process used to record accounting transactions; each individual transaction is always balanced by another transaction.

    補足(例文と訳など)

    答え

    • double-entry bookkeeping

    解説

  • 48

    which is permanent statement

    補足(例文と訳など)

    答え

    • balance sheet

    解説

  • 49

    why are other statements are temporary?

    補足(例文と訳など)

    答え

    • 1.closed out at the end of year 2.not cumulative

    解説

  • 50

    *public firms must report their financial statement at the end of every 3 months and end of fiscal year

    補足(例文と訳など)

    答え

    • .

    解説

  • 51

    is the fiscal year the calendar year?

    補足(例文と訳など)

    答え

    • no

    解説

  • 52

    *balance sheet is used by managers on daily basis, anaylists and shareholders use ususally quarterly

    補足(例文と訳など)

    答え

    • .

    解説

  • 53

    *assets are shown in a downward order of liquidity in the balance sheet

    補足(例文と訳など)

    答え

    • .

    解説

  • 54

    a financial record of a company’s revenues, expenses, and profits over a specific period of time?

    補足(例文と訳など)

    答え

    • income statement

    解説

  • 55

    what is the income statement also called? (two names)

    補足(例文と訳など)

    答え

    • 1.lost and profit statement 2.statement of comprehensive income(IFRS)

    解説

  • 56

    *Typical costs include operating expenses, interest, and taxes.

    補足(例文と訳など)

    答え

    • .

    解説

  • 57

    After all costs have been subtracted, the remaining net income may be distributed to ____and _____

    補足(例文と訳など)

    答え

    • shareholders and reinvestment

    解説

  • 58

    The final figure on the income statement-- income after taxes—is the so-called _____

    補足(例文と訳など)

    答え

    • bottom line

    解説

  • 59

    Cash and other liquid assets that can or will be converted to cash within one year is called?

    補足(例文と訳など)

    答え

    • current asset

    解説

  • 60

    Cash,Short-term investments, Accounts receivable, Inventory are all_____

    補足(例文と訳など)

    答え

    • current asset

    解説

  • 61

    Physical assets expected to last for more than one year; shown net of accumulated depreciation?

    補足(例文と訳など)

    答え

    • plant, property, equiplment

    解説

  • 62

    *intangible asset and goodwill are on balance sheet

    補足(例文と訳など)

    答え

    • .

    解説

  • 63

    Claims of creditors that are to be repaid within one year; accruals are expenses, such as wages, that have been incurred but not yet paid?

    補足(例文と訳など)

    答え

    • current liability (including accruals, note payable, accounts payable)

    解説

  • 64

    *check book P430

    補足(例文と訳など)

    答え

    • .

    解説

  • 65

    income statement includes several factors:

    補足(例文と訳など)

    答え

    • sales, sales cost, operating cost, depreciation, interest, tax,net income

    解説

  • 66

    Sales minus total expenses; profit after taxes. what is this?

    補足(例文と訳など)

    答え

    • net income

    解説

  • 67

    a record of the change in equity from the end of one fiscal period to the end of the next fiscal period

    補足(例文と訳など)

    答え

    • statement of equity change

    解説

  • 68

    *statement of equity changes uses information from both the balance sheet and income statement

    補足(例文と訳など)

    答え

    • .

    解説

  • 69

    *In statement of equity changes, net income is added, and cash dividends paid to owners are subtracted (net income not include debt)

    補足(例文と訳など)

    答え

    • .

    解説

  • 70

    *see textbook P432

    補足(例文と訳など)

    答え

    • .

    解説

  • 71

    a record of the sources and uses of cash during a period of time.

    補足(例文と訳など)

    答え

    • statement of cash flow

    解説

  • 72

    *Commercial lenders, such as banks, often ask a borrower for a statement of cash flows. The statement of cash flows provides investors and creditors with information about a firm’s cash receipts and cash payments

    補足(例文と訳など)

    答え

    • .

    解説

  • 73

    an accounting method that records revenues and expenses when they occur, not when cash actually changes hands

    補足(例文と訳など)

    答え

    • accrual accounting

    解説

  • 74

    *depreciation is added back to net income when calculating cash flow

    補足(例文と訳など)

    答え

    • .

    解説

  • 75

    *cash flow is needed to keep everyday operation and avoid economic distress

    補足(例文と訳など)

    答え

    • .

    解説

  • 76

    repurchase of existing shares increase or decrease the equity ?

    補足(例文と訳など)

    答え

    • decrease

    解説

  • 77

    the statement of cash flows shows that the firm’s inventory is rising faster than its sales. what it indicates?

    補足(例文と訳など)

    答え

    • This situation is often a signal that demand for the firm’s products is dropping

    解説

  • 78

    The nuts and bolts of day-to-day activities of a company carrying out its regular business in the statement of cash flow

    補足(例文と訳など)

    答え

    • operation cashflow

    解説

  • 79

    Increases in accounts receivable and inventory are uses of cash or source of cash?

    補足(例文と訳など)

    答え

    • use of cash

    解説

  • 80

    increases in accruals and accounts payables are like use or source of cash?

    補足(例文と訳など)

    答え

    • source of cash

    解説

  • 81

    *in financially healthy firms, net cash flow from operating activities should be positive.

    補足(例文と訳など)

    答え

    • .

    解説

  • 82

    Transactions to accumulate or use cash in ways that affect operating activities in the future; often a use of cash.

    補足(例文と訳など)

    答え

    • investing

    解説

  • 83

    Ways to transfer cash to or from creditors and to or from owners; can be either positive or negative

    補足(例文と訳など)

    答え

    • fianancing

    解説

  • 84

    *text book p433

    補足(例文と訳など)

    答え

    解説

  • 85

    Major Categories of Financial Ratios(4)

    補足(例文と訳など)

    答え

    • liquidity ratios, efficiency ratios, leverage ratios, profitability ratios

    解説

  • 86

    liquidity ratio include

    補足(例文と訳など)

    答え

    • current ratio acid test (quick) ratio

    解説

  • 87

    current ratio equation

    補足(例文と訳など)

    答え

    • current asset/ current liability

    解説

  • 88

    quick ratio equation

    補足(例文と訳など)

    答え

    • (current assets-inventory)/ current liability

    解説

  • 89

    efficiency ratios include

    補足(例文と訳など)

    答え

    • 1.inventory turnover 2. receivables turnover 3. total asset turnover

    解説

  • 90

    inventory ratio equation

    補足(例文と訳など)

    答え

    • cost of good sold/ average inventory

    解説

  • 91

    receivables turnover ratios

    補足(例文と訳など)

    答え

    • credit sales/ average account receivables

    解説

  • 92

    total asset turnover equation

    補足(例文と訳など)

    答え

    • revenue(sales)/ average total asset

    解説

  • 93

    leverage ratios include

    補足(例文と訳など)

    答え

    • 1. debt ratios 2. long-term debt to equity

    解説

  • 94

    debt ratio equation

    補足(例文と訳など)

    答え

    • liability/ total asset

    解説

  • 95

    long-term debt to equity ratio

    補足(例文と訳など)

    答え

    • long-term debts/ total equity

    解説

  • 96

    profitability ratios include

    補足(例文と訳など)

    答え

    • gross profit margin/ net profit margin/ return on equity

    解説

  • 97

    gross profit margin equation

    補足(例文と訳など)

    答え

    • gross profit / total revenue or sales

    解説

  • 98

    net profit margin equation

    補足(例文と訳など)

    答え

    • net profit / total sales and revenues

    解説

  • 99

    return on equity equation

    補足(例文と訳など)

    答え

    • net profit/ average owner equity

    解説

  • 100

    what is the satisfactory liquidity for current ratio

    補足(例文と訳など)

    答え

    • 2:1

    解説

  • 101

    an adequate acid-test ratio is around___?

    補足(例文と訳など)

    答え

    • 1:1

    解説

  • 102

    *inventory turnover can vary widely depending on the products a com- pany sells and the industry it operates in.

    補足(例文と訳など)

    答え

    • .

    解説

  • 103

    how to calculate average age of receivables?

    補足(例文と訳など)

    答え

    • 365/ receivable turnover ---the days is about speed of collecting its credit sales

    解説

  • 104

    which measures the amount of sales generated by each dollar invested in assets

    補足(例文と訳など)

    答え

    • total asset turnover

    解説

  • 105

    *GAAP gives accountants some flexibility in reporting certain revenues and expenses

    補足(例文と訳など)

    答え

    • .

    解説

  • 106

    *Public companies are required to disclose, in footnotes to the financial statements, how the various accounting rules were applied.

    補足(例文と訳など)

    答え

    • .

    解説

  • 107

    *budget is a tool for planning and control

    補足(例文と訳など)

    答え

    • .

    解説

  • 108

    an organization’s plans for how it will raise and spend money during a specific period of time.

    補足(例文と訳など)

    答え

    • budget

    解説

  • 109

    what tracks the firm’s cash inflows and outflows?

    補足(例文と訳など)

    答え

    • cash budget

    解説

  • 110

    *Exchange rate fluctuations, or ups and downs, complicate accounting entries and accounting practices.

    補足(例文と訳など)

    答え

    • .

    解説

  • 111

    *An international firm’s consolidated financial statements must show any gains or losses due to changes in exchange rates during specific periods of time.

    補足(例文と訳など)

    答え

    • .

    解説

  • 112

    A weakening dollar generally ______the earnings of a Canadian firm that has international operations

    補足(例文と訳など)

    答え

    • increase

    解説

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