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:

Due Diligence

A comprehensive appraisal of a business or individual’s financial performance, legal obligations, and other details conducted before entering into an agreement or transaction.

Short-termism

The focus on immediate results or benefits at the expense of long-term interests or sustainability.

Quarterly Earnings

The financial performance reports of a company issued every three months, often including net income, earnings per share, and net sales.

Due Diligence

A comprehensive appraisal of a business or individual’s performance, financial records, or legal obligations, conducted typically before entering into an agreement.