Match Each Definition with the Correct Term Below

question 135

Short Answer

Match each definition with the correct term below.

-Accounting
A.The group of people who are responsible for ensuring that a company meets its goals of profitability and liquidity.
B.A unit of ownership in a corporation.
C.The inflows and outflows of cash into and out of a business.
D.An information system that measures,processes,and communicates financial information about an economic entity.
E.A set of practices that has been developed to provide guidelines for financial accounting.
F.The value of one currency in terms of another.
G.The government body that regulates the issuing,buying,and selling of stocks in the United States.
H.The ability to earn enough income to attract and hold investment capital.
I.The oversight of a corporation's management and ethics by its board of directors.
J.The accumulated earnings generated by a business's income-producing activities less amounts that have been paid out to the stockholder's.
k.KEconomic events that affect a business's financial position.
L.An examination of a company's financial statements and the accounting systems,controls,and records that produced them.

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Definitions:

Overhead Budget

An estimation of variances and anticipated indirect costs associated with the normal operations of a business.

CVP Graph

A visual representation of the Cost-Volume-Profit analysis, showing the relationship between cost, volume, and profit.

Flexible Budget

A budget that adjusts or flexes with changes in volume or activity, making it more useful for planning and control purposes.

Fixed Costs

Expenses that do not vary with the level of production or sales over the short term.