ch. 13 part 2

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  1. An evaluation of the effectiveness and efficiency of various systems within an organization.
    management audit
  2. An evaluation conducted by one organization, such as a CPA firm, on another.
    external audit
  3. A periodic assessment of a company's own planning, organizing, leading, and controlling processes.
    internal audit
  4. The process of investigatin what is being done and comparing the results with the corresponding budget data to verify accomplishments or remedy differences; also called budgetary controlling.
  5. Procedures used to verify accounting reports and statements.
    accounting audits
  6. A method of cost accounting designed to identify streams of a activity and then to allocate costs across particular business processes according to the amount of time employees devote to partivular activities.
    activity - based costing (ABC)
  7. A report that shows the financial picture of a company at a given time and itemizes assets, liabilities, and stockholders' equity.
    balance sheet
  8. The values of the various items the corporation owns.
  9. The amounts a corporation owes to various creditors.
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ch. 13 part 2
ch. 13 part 2
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