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Manager Accounting

C202 chapt 1

QuestionAnswer
Accounting is the recording of the day to day financial activities of a company and the organization of that information into summary reports used to evaluate the company's financial status
bookkeeping is the preservation of a systematic, quantitative record of an activity
accounting info is intended to be useful in making decisions about the future
three primary financial statements balance sheet, income sheet, an statement of cash flows
the balance sheet reports a company's assets liabilities, and owners equity
the income statement reports the amount of net income earners by a company's during a period
statement of cash flows reports amounts of cash collected and paid out by a company
three activities reported on statements of cash flows operating, investing, an financing
financial accounting is used by external users such as lenders, investors, and suppliers
managerial accounting is used by internal users such as employees, upper and lower management
US accounting standards are set by the FASB (financial Accounting Standards Board)
the FASB is not is a government agency, its a private body established and supported by the joint efforts of the US business community
FASB has no legal power to enforce accounting standards but maintains influence by carefully protecting its prestige and reputation
SEC (securities exchange commission) regulates US stock exchanges and seeks to create a fair information environment in which investors can buy and sells tocks without fear that companies are hiding or manipulating financial data
AICPA (American Institute of Certified public accountants) professional organization of certified public accountants (CPA)
PCAOB (public company accounting oversight board) inspect the audit practices of registered audit firms and has statutory authority to investigate questionable audit practices and to impose sanctions such as barring an audit firm from auditing SEC registered companies
IRS (internal revenue service) establishes rules to define exactly when income should be taxed
IASB (international accounting standards board) formed to develop a common set of world wide accounting standards
three significant causes for change in accounting rapid advance in technology, international integration of world wide business, an the increased scrutiny associated with the large corporate accounting scandals
The Sarbanes-Oxley Act resulted from a series of accounting scandals starting in 2001
Created by: nashanta