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30 Cards in this Set
- Front
- Back
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company that exercises control over another co. through ownership of all or majority of other companies voting stock |
parent |
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technical guidelines established with which CPA firms must comply when completing a review |
SARS |
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exchange between a parents and subsidiaries, exchanges among the parents subsidiaries |
compilation |
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comprehensive info package regarding a companies financial status that is issued at the end of the fiscal year |
annual report |
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type of org that is required to have a financial statement audit |
public |
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letter from CPA firm that explains the level of the service performed and degree of responsibility assumed by CPA firm |
auditors report |
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conclusion of the auditor as to the fairness of the financial statements ant the consistent application of GAAP |
opinion |
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best auditors report that a company may receive from the CPA firm |
favorable |
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equity interest in a subsidiary that is not owned by the parent |
minority interest |
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comprehensive investigation and examination of the items that appear on the financial statements and accompanying footnotes |
audit |
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measure of the ability to pay all debt and hopefully stay in business |
solvency |
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study of the cycle of cash inflows and outflows with the objective of maintaining adequate cash to meet the requirements of business |
cash flow analysis |
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account from which the bank sweeps any funds in excess of a target amy into an interest bearing account |
sweep account |
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customers mail payments to the companies bank |
lock box |
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period b/w when a business deposits a check in account and when the bank actually receives these funds and makes them available |
collection float |
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process of monitoring and controlling cash to meet the needs of the business |
cash mgmt |
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time lag in processing checks |
float |
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measure of how quickly an item may be converted into cash |
liquidity (store liquidation sale) |
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another measure of financial performance that is used to examine cash flow results from company's business operation |
free cash flow |
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made up of projected cash balances developed from projected cash inflows and outflows |
cash budget |
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audits are performed in accordance with ________ which are technical guidelines established by the ___________ |
GAAS, AICPA |
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the _____ act of 2002 was passed after large companies declared bankruptcy |
sarbanes oxley act .. enron scandal |
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objective of cash flow analysis is to maintain adequate cash to meet the business requirements. these 2 accounts ____ and ______ ,must be specifically managed relative to cash flow analysis |
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purpose of an audit is to issue financial statements that ____ and are ____ |
conformity, GAAP |
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a CPA firm must be ____ to perform a ______ and a _______ but not a _______ |
independent, audit, review, compilation |
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purpose of a review is to express ______ that no material changes are required to the financial statements |
limited assurance |
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these 2 items _____ and _______, in addition to currency and coins are classified as cash |
visa, card |
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objective of a compilation is to ______ |
prepare mgmt.'s financial statements |
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_____ financial statements include the financial results of the _____ and its ________ |
consolidated, parent, subsidiaries |
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official annual business and financial report filed with the securities and exchange commission (SEC) by public companies that contains more/different info than the companies annual report is called ____________ |
form 10-k |
