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24 Cards in this Set
- Front
- Back
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what is considered a return of investment |
return of the original investment you put in a company. |
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what are the 3 primary financial statements |
income statements, cash flow statements balance sheet statement |
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who are the investors of a company |
Owners shareholders/ stockholders |
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what is the highest position on a corporate organization chart? |
Owner |
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which financial statement is prepared on a specific date? |
balance sheet statement |
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what measures can a company use to guard against errors and fraud to assure reliability of financial information? |
Internal controls |
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when the value of the information exceeds the cost of producing it , this is known as being? |
cost effective |
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what are two external users of accounting information? |
Employees, customers and managers etc.... |
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financial forecast, budgeting and cost accounting are all examples of what type of accounting? |
Managerial Accounting |
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who performs audits of financial statements? |
C.P.As |
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who are two insider users of accounting information? |
CEO,CFO |
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which financial statement is concerned with profit related activities |
Income statement |
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which government agency has the legal power to regulate a "Public company's reporting requirement"? |
the SEC. (security exchange commission) |
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what are two examples of return on investment? |
Dividends capital gain interest |
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what are the two primary users of accounting information? |
creditors investors |
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what was created by the Sarbanes Oxley Act to regulate public accountants? |
Public Accounting Oversight Board (PAOB) |
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who gives the designation CPA to a person? |
The State |
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what type of behavior must a CPA have |
Good Ethics/ integrity |
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what are the principles that provide the framework for determining what information is included in financial statements. |
GAAP( generally accepted accounting principles) |
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what is an investigation of financial statements designed to determine the fairness of the statements in relation to GAAP |
Audit |
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who is the 5 member group that determines GAAP in the USA |
FASB ( Financial Accounting Standards Board) |
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what is the national professional organization a CPA can join that also develops a code of ethics CPAs are bound to? |
AICPA (American Institute of Certified Public Accounting) |
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what was the landmark piece of legislation passed by congress after the ENRON CRISIS in 2002? |
Sarbanes Oxley Act |
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what accounting association can an accounting educator join |
AAA( American Accounting Association) |
