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V's accounting vocab

ch1

QuestionAnswer
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 System A process designed to accumulate, classify,and summarize financial data
Accounting An independent accountant's review of a firm's financial statements
Auditing The review of financial statementsto assess their fairness and adherence to generally accepted accounting principles
Certified public accountant (CPA) An independent accountant who provides accounting services to the publicfor a fee
Creditor One to whom money is owed
Discussion memorandum An explanation of a topic under consideration bt the Financial Accounting Standards Board(FASB)
Corporation A publicly or privately owned business entity that is seperate 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.
Economic entity A business or organization whose major purpose is to produce a profit for its owners
Entity Anything having its own seperate identity, such as an individual, a town, a university, or a business.
Discussion memorandum An explanation of a topic under consideration bt the Financial Accounting Standards Board(FASB)
Exposure draft A proposed solution to a problem being considered by Financial Accounting Standards Board(FASB)
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
Governmental accounting Accounting work performed for a federal, state, or local government unit
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 reponsible for the debts and taxes of the business
Public accountants Members of firms that perform accounting services for other companies
Seperate entity assumption The concept of keeping a firm's financial records seperate from the owner's personal financial records
Social entity a nonprrofit organization, such as a city, public school, or public hospital
Sole proprietorship A business entity owned by a one person who is legally responsible for the debts and taxes of the business
Statements of Financial Accounting Standards Accounting principles established by th Financial Accounting Standards Board(FASB)
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 plannning
Created by: Virajasaur