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10 Cards in this Set

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  • Back
Accounting
The process of identifying, measuring, and communicating economic information about an organization for the purpose of making decisions and informed judgments
Accounting Standards Update (ASU)
A transient document that communicates the details of specific amendments to the FASB Codification and explains the basis for the Board’s decisions. Although ASUs update the FASB Codification, the FASB does not consider Updates as authoritative in their own right.
Accrual Accounting
Accounting that recognizes revenues and expenses as they occur, even though the cash receipt from the revenue or the cash disbursement related to the expense may occur before or after the event that causes revenue or expense recognition.
Annual Report
A document distributed to shareholders and other interested parties that contains the financial statements, notes to the financial statements, and management’s discussion and analysis of financial and operating factors that affected the firm together with the report of the external auditor’s examination of the financial statements.
Auditing
The process of examining the financial statements of an entity by an independent third party with the objective of expressing an opinion about the fairness of the presentation of the entity’s financial position, results of operations, changes in financial position, and cash flows. The practice of auditing is less precisely referred to as public accounting
Bookkeeping
Procedures that are used to keep track of financial transactions and accumulate the results of an entity’s financial activities.
Cash Flow
Cash receipts or disbursements of an entity.
Certified Management Accountant (CMA)
Professional designation earned by passing a broad, two-part examination and meeting certain experience requirements. Examination topics include budgeting, performance management, cost management, financial statement analysis, corporate finance, decision analysis, and professional ethics.
Certified Public Accountant (CPA)
A professional designation earned by fulfilling certain education and experience requirements, in addition to passing a comprehensive, four-part examination. Examination topics include financial accounting theory and practice, income tax accounting, managerial accounting, governmental and not-for-profit accounting, auditing, business law, and other aspects of the business environment.
Controller
The job title of the person who is the chief accounting officer of an organization. The controller is usually responsible for both the financial and managerial accounting functions. Sometimes referred to as comptroller.