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29 Cards in this Set
- Front
- Back
accounting system
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The personnel, procedures, devices,
and records used by an organization to develop accounting information and communicate that information to decision makers. |
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American Accounting Association
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A professional
accounting organization consisting primarily of accounting educators that is dedicated to improving accounting education, research, and practice. |
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American Institute of CPA's
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An professional accounting organization of certified public accountants that engages in a variety of professional activities, including establishing auditing standards for private companies, conducting research, and establishing industry-specific reporting standards.
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Audit
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An investigation of financial statements designed to determine their fairness in relation to GAAP.
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Balance Sheet
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A position statement that shows where the company stands in financial terms at a specific date.
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Cash Flow Prospects
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The likelihood that an enterprise
will be able to provide an investor with both a return on the investor’s investment and the return of that investment. |
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Certified Internal Auditor
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A professional designation
issued by the Institute of Internal Auditors signifying expertise in internal auditing. |
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Certified Management Accountant
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A professional
designation issued by the Institute of Management Accountants signifying expertise in management accounting. |
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Certified Public Accountant
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An accountant who is
licensed by a state after meeting rigorous education, experience, and examination requirements. |
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Control Activities
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Policies and procedures that
management puts in place to address the risks identified during the risk assessment process. |
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Control Environment
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The foundation for all the other
elements of internal control, setting the overall tone for the organization. |
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Corporate Governance
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Includes the corporate
structures and processes for overseeing a company’s affairs, for example, the board of directors and the company’s internal control processes. |
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External Users
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Individuals and other enterprises that
have a financial interest in the reporting enterprise but that are not involved in the day-to-day operations of that enterprise (e.g., owners, creditors, labor unions, suppliers, customers). |
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Financial Accounting
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Providing information about the
financial resources, obligations, and activities of an economic entity that is intended for use primarily by external decision makers—investors and creditors. |
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FASB (Financial Accounting Standards Board
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A private-sector organization that is responsible for determining generally accepted accounting principles in the United States.
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Financial Statement
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A monetary declaration of what is
believed to be true about an enterprise. |
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GAAP
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Principles that provide the framework for determining what
information is to be included in financial statements and how that information is to be presented. |
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Government Accountability Office
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A federal
government agency that audits many other agencies of the federal government and other organizations that do business with the federal government and reports its findings to Congress. |
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Income Statement
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An activity statement that shows
details and results of the company’s profit-related activities for a period of time. |
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Institute of Internal Auditors
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A professional
accounting organization that is dedicated to the promotion and development of the practice of internal auditing. |
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Institute of Management Accountants
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A professional
accounting organization that intends to influence the concepts and ethical practice of management accounting and financial management. |
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Internal Control
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A process designed to provide
reasonable assurance that the organization produces reliable financial reports, complies with applicable laws and regulations, and conducts its operations in an efficient and effective manner. |
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IRS
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A government organization
that handles millions of income tax returns filed by individuals and businesses and performs audit functions to verify the data contained in those returns. |
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IASB (International Accounting Standards Board)
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The group responsible for creating and promoting International
Financial Reporting Standards (IFRSs). |
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PCAOB (Public Company Accounting Oversight Board)
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A quasi-governmental body charged with oversight
of the public accounting profession. The PCAOB sets auditing standards for audits of publicly traded companies. |
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Risk Assessment
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A process of identifying, analyzing,
and managing those risks that pose a threat to the achievement of the organization’s objectives. |
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Sarbanes-Oxley Act
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A landmark piece of securities
law, designed to improve the effectiveness of corporate financial reporting through enhanced accountability of auditors, boards of directors, and management. |
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SEC (Securities and Exchange Commission
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A
governmental organization that has the legal power to establish accounting principles and financial reporting requirements for publicly held companies in the United States. |
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Statement of Cash Flows
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An activity statement that
shows the details of the company’s activities involving cash during a period of time. |