Complete the Following Using the Terms Listed

question 9

Multiple Choice

Complete the following using the terms listed.
-The basic relationship that states assets equal liabilities plus owners' equity is called the _____.

• A)certified public accountant
• B)International Financial Reporting Standards
• C)asset
• D)liability
• E)Owners' equity
• F)accounting equation
• G)balance sheet
• H)income statement
• I)Sarbanes-Oxley Act (SOX)
• J)accrual accounting
• K)open book management
• L)budget
• M)generally accepted accounting principles (GAAP)
• N)Financial Accounting Standards Board (FASB)
• O)profitability ratios
• P)International Accounting Standards Committee (IASC)
• Q)Leverage ratios
• R)management accountant

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Definitions:

Information System

A set of interrelated components that collect, process, store, and distribute information to support decision making, coordination, and control in organizations.

Embedded Programs

Software written to control machines or devices that are not typically considered computers, integrated into hardware systems for specific functions.

Programming Languages

Formal languages comprising a set of instructions that produce various kinds of output, used in computer programming to implement algorithms.

Storage Space

The total amount of data that can be saved in a given storage medium or system, such as a hard drive or cloud storage.