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11 Cards in this Set
- Front
- Back
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Purpose of Accounting
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Purpose of accounting is to provide financial info about a business to individuals and organizations
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Describe the accounting process
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The six major steps of the accounting process are Analyzing, Recording, Classifying, Summarizing, Reporting and Interpreting, ((Alfred,Record th Class Smarties to Report Idiots)
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GAAP
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Generally Accepted Acounting Principles
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FASB
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Financial Accounting Standards Board
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Define GAAP and describe the process used by FASB to develop these principles
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GAAP are the rules that businesses must follow when preparing financial statements. FASB takes the following steps to develop an accounting standard:
1.Issue placed before Board 2. RESEARCH?Discussion 3. Public hearings 4. Draft proposal for comment 5. Standard is issued |
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3 Types of business ownership structures
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3 types of business ownership structures are:
Sole proprietorship partnership corporation |
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Classify different types of business by activity
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different types of business classified by activities are:
A service business A merchandise business A manufacturing business |
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Identify career opportunities In accounting
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career opportunities In accounting include:
work in public accounting private accounting government and no-for-profit accounting |
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Main Functions of an accounting clerk
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Records, Sorts and files accounting info
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Name and describe 3 areas of specialization for public accounts
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Auditing
Tax advice/service Management advisory service |
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6 areas of specialization for a managerial accountant
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accouting info systems (Info system)
Financial Accounting Cost Accounting Budgeting Tax Accounting Internal Auditing |
