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F19 Acct 2.01 Vocab

Vocabulary for Accounting 2.01

TermDefinition
GAAP Generally Accepted Accounting Principles, The standards, conventions, and rules accountants follow in recording and summarizing transactions, and in the preparation of financial statements
AICPA American Institute of Certified Public Accountants; the national professional organization of CPAs.
FASB Financial Accounting Standards Board; develops GAAP for public companies.
SEC Securities and Exchange Commission; primarily responsible for enforcing federal securities laws and regulating the securities industry.
Securities A negotiable financial instrument representing financial value. Examples are banknotes, bonds, common stocks, options, and futures.
Securities Act of 1933 Also called Truth in Securities Act; established after the stock market crash of 1929 during the Great Depression. It requires that any offer of sale of securities be registered.
Securities Act of 1934 A law governing the secondary trading of securities in the US; established the SEC (Securities and Exchange Commission).
GASB Governmental Accounting Standards Board; develops GAAP for state and local governments.
Relevance Capable of making a difference in decision-making of the user.
Reliability Information must be verifiable, a faithful representation, and reasonably free from error and bias.
Comparability Helps detect and explain similarities and differences between companies.
Consistency Using the same method of accounting from one period to another to help decision makers.
Materiality Constraint Big enough to make a difference in the user’s decision-making process.
Conservatism Constraint Given two equally likely alternatives to estimate, accountants will choose the less optimistic alternative.
Recognition concept States that an item should be recognized (recorded) in the financial statements when it can be defined, measured, relevant and reliable.
Measurement concept States that every transaction is measured by the stated unit of measurement, such as the dollar.
Economic business entity assumption All of the business transactions should be separate from those of the owners.
Going concern assumption Financial statements are prepared under the assumption that the company will remain in business indefinitely unless significant evidence otherwise.
Monetary unit assumption Assumes a stable currency is going to be the unit of record.
Time period assumption The entity’s activities are separated into periods of time such as months, quarters or years.
Cost principle assumption Assets are recorded at historical cost, not fair market value.
Full disclosure principle All information pertaining to operations and financial position of the entity must be reported within the period of time in question.
Revenue recognition principle Revenue is earned and recognized upon product delivery or service completion, no matter when cash is received.
Matching principle Costs of doing business are recorded in the same period as the revenue they help generate, regardless of when money is actually paid.
Objectivity Fairness; uninfluenced by emotion or personal opinion; does not allow bias or conflicts of interest.
IFRS International Financial Reporting Standards
IASB International Accounting Standards Board
APB Accounting Principles Board
Created by: denise.stevens5