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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

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

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)

financial ratio

the relationship of a number on the financial statements to another number

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

financial accounting

the component of the accounting information system that provides financial information needed by external users such as investors and lenders


the recording, summarizing, and reporting of the economic activities and events of an organization

statement of cash flows

statement showing the company’s inflows and outflows of cash

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

balance sheet

statement that lists the balances of the asset, liability, and owners’ equity accounts of a business on a specific date

Financial statement analysis

an evaluation of a company’s financial statements in order to identify significant trends or relationships among the items

generally accepted accounting principles (GAAP)

the principles by which financial statements are prepared

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

income statement

statement that summarizes the revenues earned and the expenses incurred by a business over a period of time