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14 Cards in this Set
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International Accounting Standards Board (IASB) |
An independant, privately funded accounting standard-setter based in London, U.K., that issues International Financial Reporting Standards |
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statement of retained earnings |
statement that shows the beginning balance for retained earnings, additions and reductions to retained earnings, and the ending balance of retained earnings |
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Statements of Financial Accounting Standards (SFAS) |
part of the highest level of generally accepted accounting principles (GAAP), issued by the Financial Accounting Standards Board (FASB) |
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financial ratio |
the relationship of a number on the financial statements to another number |
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International Financial Reporting Standards (IFRS) |
a set of international accounting standards stating how particular types of transactions and other events should be reported in financial statements |
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financial accounting |
the component of the accounting information system that provides financial information needed by external users such as investors and lenders |
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Accounting |
the recording, summarizing, and reporting of the economic activities and events of an organization |
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statement of cash flows |
statement showing the company’s inflows and outflows of cash |
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accounting information system (AIS) |
a system which has two principal objectives: (1) to provide all the financial information needed internally by management for business decision making, known as management accounting, and (2) to provide financial information to various external users concerned with the financial activities of the organization, known as financial accounting |
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balance sheet |
statement that lists the balances of the asset, liability, and owners’ equity accounts of a business on a specific date |
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Financial statement analysis |
an evaluation of a company’s financial statements in order to identify significant trends or relationships among the items |
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generally accepted accounting principles (GAAP) |
the principles by which financial statements are prepared |
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management accounting |
the component of the accounting information system that provides the financial information needed internally by business managers for efficient (timely) and effective (correct) decision-making |
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income statement |
statement that summarizes the revenues earned and the expenses incurred by a business over a period of time |
