Accounting 102

Front 1

FASB

Back 1

financial accounting standards board
○ Private organization responsible for establishing the standards for financial accounting and reporting in the USA

Front 2

GAAP

Back 2

generally accepted accounting principles
§ Authoritative guidelines that define accounting practice at a particular time

Front 3

SEC

Back 3

securities and exchange commission
○ Government body responsible for regulating the financial reporting practices of most publicly owned corporations in connection with the buying and selling of stocks and bonds

Front 4

AICPA

Back 4

American institute of certified public accountants
○ National organization of CPAs in the USA

Front 5

CPA

Back 5

certified public accountant
§ Special designation given to an accountant who has passed a national uniform examination and has met other requirements
§ CPA firms are companies that offer business advising surrounding accounting issues. They also perform independent audits.

Front 6

IRS

Back 6

internal revenue service
○ Government agency that prescribes the rules and regulations that govern the collection of tax revenues in the USA

Front 7

IASB

Back 7

international accounting standards board
○ Committee formed in 1973 to develop worldwide accounting standards