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38 Cards in this Set

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accounting
an information system that identifies, measures, records, and communicates relevant, reliable, consistent, and comparable information about an organization's economic activity
audit
a check of an organization's accounting systems and records
bookkeeping/recordkeeping
the part of accounting that involves recording economic transactions and events, either electronically or manually
budgeting
the process of developing formal plans for future activities, which often serve as a basis for evaluating actual performance
business
one or more individuals selling products or services for profit
business entity principle
every business is accounted for separately from its owner's personal activities
CA
Chartered Accountant; an accountant who has met the examintaion, education, and experience requirements of the Institute of Chartered Accountants for an individual professionally competent in accounting
CCRA
Canada Customs and Revenue Agency; the federal government agency responsible for the collection of tax and enforcement of tax laws
CGA
Certified General Accountant; an accountant who has met the examination, education, and experience requirements of the Certified General Accountants' Association for an individual professionally competent in accounting
CMA
Certified Management Accountant; and accountant who has met the examination, education, and experience requirements of the Society of Management Accountants for an individual professionally competent in accounting
Codes of Professional Conduct
sets of guidelines governing the behaviour of the professional
common shares
the name for a corporation's shares when only one class of share capital is issued
controller
the chief accounting officer of an organization
corporation
a business that is a separate legal entity under provincial or federal laws with owners who are called shareholders
cost accounting
a managerial accounting activity designed to help managers identify, measure, and control operating costs
costs
the expenses incurred to earn revenues (or sales)
ethics
beliefs that differentiate right from wrong
external auditors/auditing
examine and provide assurance that financial statements are prepared according to generally accepted accounting principles (GAAP)
external users
persons using accounting information who are not directly involved in the running of the organization; shareholders, customer, regulators, and suppliers
financial accounting
the area of accounting aimed at serving external users
Generally Accepted Accounting Principles (GAAP)
the rules that indicate acceptable accounting practice
general accounting
the task of recording transactions, processing data, and preparing reports for managers; includes preparing financial statements for disclosure to external users
Government Accountants
accountants who work for local, provicial, and federal government agencies
internal auditors/auditing
employees within organizations who assess whether managers are following established operating procedures and evaluate the efficiency of operating procedures
internal controls
procedures set up to protect assets, ensure reliable accounting reports, promote efficiency, and encourage adherence to company policies
limited liability
the owner's liability is limited to the amount of investment in the business
limited liability partnership
restricts partners' liabilities to their own acts and the acts of individuals under their control
limited partnership
includes both general partner(s) with unlimited liability and limited partner(s) with liability restricted to the amount invested
managment consulting
activity in which suggestions are offered for improving a company's procedures; the suggestions may concern new accounting and interal control systems, new computer systems, budgeting, and employee benefit plans
managerial accounting
the area of accounting aimed at serving the decision-making needs of internal users
partnership
a business owned by two or more people, which is not organized as a corporation
private accountants
accountants who work for a single employer other than the government or a public accounting firm
sharholders
the owners of a corporation
shares
units of ownership in a corporation
single proprietorship/sole proprietorship
a business owned by one individual, which is not organized as a corporation
social responsibility
a commitment to considering the impact and being accountable for the effects that action might have on society
taxation
the field of accounting that includes preparing tax returns and planning future transactions to minimize the amount of tax paid; involves private, public, and government accountants
unlimited liability
when the debts of sole proprietorship or partnership are greater than its resources, the owner(s) is (are) financially responsible