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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.

Accounting Standard Collection

The source of authoritative US GAAP

Accounting Standards Update

Changes to Accounting Standards Codification are communicated through Accounting Standards Updates covering approximately 90 topics

Accounting System

A process designed to accumulate, classify and summarize financial data

Auditing

The review of financial states to assess their fairness and adherence to generally accepted accounting principles

Auditor's report

An independent accountant's review of a firm's financial statements

Certified public accountant

An independent accountant who provides accounting services to the public for a fee

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

Creditor

One to whom money is owed

Discussion memorandum

An explanation of a topic under consideration by the Financial Accounting Standards Board

Economic entity

A business or organization whose major purpose is to produce a profit for its owners

Entity

Anything having its own separate identity, such as an individual, a town, a university or a business

Exposure Draft

a propose solution to a problem being considered by the Financial Accounting Standards Board

Financial Statements

Periodic reports of a firm's financial position or operating results

Generally Accepted Accounting Principles (GAAP)

Accounting standards developed and applied by professional accountants

Governmental Accounting

Accounting work performed for a federal, state or local government

International Accounting

The study of accounting principles used by different countries

Management advisory services

Services designed to help clients improve their information systems or their business performance

Managerial accounting

Accounting work carried on by an accountant employed by a single business in industry

Partnership

A business entity owned by two or more people who are legally responsible for the debts and taxes of the business

Public Accountants

Members of firms that perform accounting services for other companies

Separate Entity Assumption

The concept of keeping a firm's financial records separate from the owner's personal financial records

Social Entity

A nonprofit organization, such as a city, public school or public hospital

Sole Proprietorship

A business entity owned by one person who is legally responsible for the debts and taxes of the business

Statements of Financial Accounting Standards

Accounting principles established by the Financial Accounting Standards Board

Stock

Certificates that represent ownership of a corporation

Stockholders

The owners of a corporation; also called shareholders

Tax Accounting

A service that involves tax compliance and tax planning

The End

The End