Match the Terms with the Definitions

question 53

Multiple Choice

Match the terms with the definitions.

-Reviewing the operating and accounting control procedures adopted by management to make sure the controls are adequate and being followed; assuring that accurate and timely information is provided.

• A) accountant
• B) accounting
• C) accounting derk
• D) analyzing
• E) auditing
• F) bookkeeper
• G) budgeting
• H) Certified Public Accountant
• I) classifying
• J)controller
• K) corporation
• L) cost accounting
• M) financial accounting
• N) generally accepted accounting principles
• O) internal auditing
• P) interpreting
• Q) manufacturing business
• R) merchandising business
• S) para-accountant
• T) partnership
• U) recording
• V) reporting
• W) service business
• X) sole proprietorship
• Y) summarizing
• Z) tax accounting

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Definitions:

Self-Interest

An individual’s personal gain; the drivers of economic behavior assuming that individuals act in pursuit of their own best interests.

Free-Market System

An economic system based on supply and demand with little or no government control.

Quantity Adjustments

Changes made in the quantity of goods produced or procured in response to shifts in demand or supply.

Laissez-Faire Economy

An economic system where private parties are free from government intervention, such as regulations, privileges, tariffs, and subsidies.