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11 Cards in this Set

  • Front
  • Back
accounting
An information measurement system that identifies, records, and communicates relevant, reliable, and comparable information about an organization's business activities. (p.4)
bookkeeping (recordkeeping)
The recording of transactions and events, either manually or electronically. (p. 4)
external users
Are not directly involved in running the organization, and have limited access to an organization's information. They include shareholders (investors), lenders, directors, customers, suppliers, regulators, lawyers, brokers, and the press. (p. 5)
financial accounting
The area of accounting aimed at serving external users by providing them with general-purpose financial statements. (p. 5)
internal users
Those directly involved in managing and operating an organization. They use the information to help improve the efficiency and effectiveness of an organization. (p. 6)
managerial accounting
The area of accounting that serves the decision-making needs of internal users. (p. 6)
ethics
Beliefs that distinguish right from wrong. They are accepted standards of good and bad behavior. (p. 8)
generally accepted accounting principles (GAAP)
Concepts and rules which govern the practice of financial accounting. (p. 8)
Securities and Exchange Commission (SEC)
A government agency that has the legal authority to set GAAP. (p. 9)
Financial Accounting Standards Board (FASB)
A private-sector group that sets both broad and specific principles (p. 9)
International Accounting Standards Board (IASB)
An independent group (consisting of individuals from many countries) that issues the IFRS. (p. 9)