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226. A basic difference between managerial accounting and financial accounting is that
managerial accounting:
227. While reviewing the books at his firm, Chad Cooper noticed discrepancies between how
the firm recorded revenues last year and how it elected to record revenues during the recent
quarter of the current year. As a recent business graduate, Chad felt confident that the changes
needed clarification. To get another opinion, Chad suggested to the company's controller that the
firm solicit ______________.
228. As a first step in the accounting cycle, _________ involves the recording of business
transactions.
229. __________ is the accounting practice of recording each transaction in two places in the
accounting journal.
230. A __________ is a specialized accounting book, where transactions are categorized
according to type. For example, all utility transactions are recorded in the same category.
231. A bookkeeper's first task is to:
232. In the course of their jobs, bookkeepers:
233. The accounting book or computer program where each day's transactions are first
recorded is called a:
234. A _________ summarizes all the data from the account ledgers to verify that they are
correct and balanced.
235. The purpose of a trial balance is to:
236. The __________ is a six-step procedure that results in the preparation and analysis of the
major financial statements.
237. Once a trial balance has been prepared, the next step of the accounting cycle involves:
238. One of the key financial statements prepared in the fifth step of the accounting cycle is:
239. The Balance Sheet, the Statement of Cash Flows, and the ______________ are three key
financial statements prepared by accountants.
240. The sixth and final step in the accounting cycle involves:
241. Careful consideration of the use of computers in accounting indicates that computers
____________________.
242. Today's computerized accounting programs are:
243. Accountants not only provide financial information to the firm, they:
244. A comparison of bookkeeping and accounting indicates that:
245. Sales receipts, purchase orders, and payroll records are all examples of accounting
transactions that would be recorded by a(n):
246. Which of the following is a key step in the accounting cycle?
247. The main reason an accountant would conduct a trial balance is to:
248. The use of computerized accounting systems _____________.
249. Jasmine is categorizing journal entries in order to post to the _______.
250. Hap owns and operates a small business with only four full-time employees and less than
$500,000 in annual sales. He currently uses a manual accounting system and relies on a part-
time bookkeeper to keep his records in order. In evaluating the possible adoption of a
computerized accounting system, Hap will probably discover that:
251. Brianna is a bookkeeper for Monograms, Limited. She takes the firm's transactions and
records them in a record book or computer program referred to as:
252. Jim works in the accounting department at the Kansas Sunflower Corporation, where it is
his job to record all transactions into journals. After completing this task, the next step in the
accounting process is to:
253. Perry is responsible for recording sales transactions at Turncoat Enterprises. Perry's
company utilizes _____________________, to help minimize entry errors.
254. Heather works in the accounting department of Colorado Manufacturing. Today she will
use the firm's ledger to summarize information that was posted over the most recent time period.
Her goal is to determine if the accounts are balanced as required by the double-entry method of
bookkeeping. To be sure they are correct, Heather will prepare a(n):
255. Tyler works as an accountant for a mid-sized retail store. He has just completed a trial
balance that resulted in no unexpected problems. Tyler's next task is likely to be:
256. Accountant Alan Wingspan has just finished working on the balance sheet, income
statement, and statement of cash flows for his company. The next step in the accounting cycle
involves:
