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8 Cards in this Set

  • Front
  • Back

Definition of accounting (elements)

1) Information recording of business transactions


2) Summary statements


3) Stakeholders / users

How many sets of books

1) Financial accounting


2) Tax accounting


3) Managerial accounting

Securities and Exchange Commission reporting requirements

1) 10K - Annual report


2) 10Q - Quarterly report


3) 8K - Current report


(All accounts must be filled in accordance with GAAP - Generally Accepted Accounting Principles)


Accounting standards

1) GAAP


2) IFRS

Who makes the rules - US GAAP

1) US Congress


2) SEC


3) FASB - Financial Accounting Standards Board


3.1) EITF - Emerging Issue Task Force


3.2) AICPA - American Institute of CPA

Who makes the rules - IFRS

IFRS - International Financial Reporting Standards


- IASB (UK)

Who is responsible for financial reporting

1) Management


2) SEC and other regulators


3) Information intermediaries

What are the required financial statements (US)

1) Balance sheet


2) Income Statement


3) Statement of Cash Flows


4) Statement of Stockholders' Equity