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5 Cards in this Set
- Front
- Back
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What is a CPA and what 3 services do they provide?
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CPA is a Certified Public Accountant. They provide 1) Audit Services 2) Tax services 3) Consulting Services
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What does FASB stand for and what does it do?
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FASB stands for Financial Accounting Standards Board and establishes accounting standards in the US.
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What does GAAP stand for and what does it do?
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GAAP stands for Generally Accepted Accounting Principles and are the measurement rules established by FASB. Financial reports issued to the public must follow GAAP.
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What is a stakeholder?
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Stakeholders are the individuals that need information about a business. They inculde owners, lenders, gov't agencies, employees, news reporters, etc.
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Businesses communicate information to stakeholders thru 4 financial statements called...?
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Businesses communicate information to stakeholders thru 4 financial statements:
1) income statement 2) statement of changes in equity 3)balance sheet 4) statement of cash flows |
