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Chap 1 pg 31 terms

Intro to Accounting

QuestionAnswer
Accounting The process of identifying, measuring and communicating economic information to various users.
Management accounting The branch of accounting concerned with providing management with information to facilitate the planning and control functions.
Financial accounting The branch of accounting concerned with communication with outsiders through financial statements.
Owners'equity The owners' claims to the assets of an entity.
Stockholders' equity The owners' equity of a corporation.
Retained earnings The part of owners' equity that represents the income earned less dividends paid over the life of an entity.
Balance sheet The financial statement that summarizes the assets, liabilities, and owners' equity at a specific point in time.
Income statement A statement that summarizes revenues and expenses for a period of time.
Net income The excess of revenues over expenses.
Dividends A distribution of the net income of a business to its stockholders.
Statement of retained earnings The statement that summarizes the income earned and dividends paid over the life of a business.
Statement of cash flow The financial statement that summarizes a company's cash receipts and cash payments during the period from operating, investing, and financing activities.
Cost principle Assets are recorded and reported at the cost paid to acquire them.
Going concern The assumption that an entity is not in the process of liquidation and that it will continue indefinitely.
Monetary unit The yardstick used to measure amounts in financial statements; the dollar in the United States.
Time period A length of time on the calendar used as the basis for preparing financial statements.
Generally accepted accounting principles (GAAP) The various methods, rules practices, and other procedures that have evolved over time in response to the need to regulate the preparation of financial statements.
Securities and Exchange Commission (SEC) The federal agency with ultimate authority to determine the rules for preparing statements indefinitely.
Financial Accounting Standards Board (FASB) The group in the private sector with authority to set accounting standards.
American Institute of Certified Public Accountants (AICPA) The professional organization for certified public accountants.
Certified Public Accountant (CPA) The designation for an individual who has passed a uniform exam administered by the AICPA and has met other requirements as determined by individual states.
Public Company Accounting Oversight Board (PCAOB) A five-member body created by an act of Congress in 2002 to set auditing standards.
International Accounting Standards Board (IASB) The organization formed to develop worldwide accounting standards.
Auditing The process of examining the financial statements and the underlying records of company to render an opinion as to whether the statements are fairly presented.
Sarbanes-Oxley Act The act of Congress in 2002 intended to bring reform to corporate accountability and stewardship in the wake of a number of major corporate scandals.
Created by: sam6204