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29 Cards in this Set
- Front
- Back
ACCOUNTING |
The process by which financial information about a business is recorded, classified, summarized, interpreted and communicated to owners, managers, and other interested parties. |
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Accounting Standard Collection |
The source of authoritative US GAAP |
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Accounting Standards Update |
Changes to Accounting Standards Codification are communicated through Accounting Standards Updates covering approximately 90 topics |
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Accounting System |
A process designed to accumulate, classify and summarize financial data |
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Auditing |
The review of financial states to assess their fairness and adherence to generally accepted accounting principles |
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Auditor's report |
An independent accountant's review of a firm's financial statements |
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Certified public accountant |
An independent accountant who provides accounting services to the public for a fee |
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Corporation |
A publicly or privately ownd business entity that is separate from its owners and has a legal right to own property and do business in its own name; stockholders are not responsible for the debts or taxes of the business |
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Creditor |
One to whom money is owed |
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Discussion memorandum |
An explanation of a topic under consideration by the Financial Accounting Standards Board |
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Economic entity |
A business or organization whose major purpose is to produce a profit for its owners |
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Entity |
Anything having its own separate identity, such as an individual, a town, a university or a business |
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Exposure Draft |
a propose solution to a problem being considered by the Financial Accounting Standards Board |
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Financial Statements |
Periodic reports of a firm's financial position or operating results |
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Generally Accepted Accounting Principles (GAAP) |
Accounting standards developed and applied by professional accountants |
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Governmental Accounting |
Accounting work performed for a federal, state or local government |
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International Accounting |
The study of accounting principles used by different countries |
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Management advisory services |
Services designed to help clients improve their information systems or their business performance |
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Managerial accounting |
Accounting work carried on by an accountant employed by a single business in industry |
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Partnership |
A business entity owned by two or more people who are legally responsible for the debts and taxes of the business |
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Public Accountants |
Members of firms that perform accounting services for other companies
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Separate Entity Assumption |
The concept of keeping a firm's financial records separate from the owner's personal financial records |
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Social Entity |
A nonprofit organization, such as a city, public school or public hospital |
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Sole Proprietorship |
A business entity owned by one person who is legally responsible for the debts and taxes of the business |
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Statements of Financial Accounting Standards |
Accounting principles established by the Financial Accounting Standards Board |
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Stock |
Certificates that represent ownership of a corporation |
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Stockholders |
The owners of a corporation; also called shareholders |
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Tax Accounting |
A service that involves tax compliance and tax planning |
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The End |
The End |