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accounting industry
the accounting industry
| Term | Definition |
|---|---|
| accounting | process of retrieving, recording, storing and summarizing financial transactions |
| Bookkeeping | process of recording daily business transactions: only one part of the accounting process |
| manual Accounting System | maintaining accounting records by hand |
| Computer accounting system | maintaining accounting records with the help of computer software |
| stakeholder | person who has interest in a company |
| profit | amount earned is greater than the amount spent |
| loss | amount earned is less than amount spent; a loss occurs when there is no profit |
| creditor | person or company which lends money to another person or company |
| Financial Accounting | form of accounting which produces information for external use through financial statements |
| Tax accounting | accounting methos mainly for company/ management use |
| Financial Reporting | Process of using info gathered from financial transactions and records |
| GAAP | common set of accounting rules and procedures: needed in accounting to maintain accuracy and consistency of financial reports. |
| Cost principle (GAAP) | actual cost of an item needs to be stated , not its current value |
| Reliability Principle (GAAP) | accountants mus`t only record information which can be verified |
| Disclosure Principle ( GAAP) | all information which is relevant to financial statement must be included in the financial statement |
| matching principle (GAAP) | expenses must be reported at the same time of the corresponding (matching) revenue |
| going concern principle | assumption a company intends to continue operations |
| ethical responsibility | duty to uphold rules and regulations based on mora; values |
| Shareholders | individuals who own part of a company through stock ownership |
| social responsibility | taking actions which benefit society as a whole |
| social cost | additional costs beyond normal business costs due to a activity or policy |
| accountants | records financial transactions and prepare financial reports |
| managements accountant | records and analyzes financial information for internal use by managers |
| government accountant | maintains and examines records of government agencies |
| public accountant | provides service to corporations, governments and individuals; can provide services to multiple companies at once |
| Internal Auditor | Examines financial records of companies to ensure proper management f funds; usually provides information to law enforcement if necessary |
| General Ledger Accountant | ensures business transactions are properly recorded |
| International Accountant | specializes in recording and analyzing international(non-GAAP) business transactions |
| Forensic Account | Specializes in examining accounting transactions for law enforcement |
| Certified Public Accountant(CPA) | Designation provided to accountant who have passed the CPA exam and its requirements |
| Certified Management Accountant (CMA) | Designation provided to accountants who have passed the CMA exam and its requirements; CMAs specializes more in financial management than CPAs |
Created by:
lzav005