The world's earliest system of taxation; levied taxes to fund government operations and maintain social order

The system used for most transactions until Middle Ages

The father of accounting; An Italian monk and mathematician; developed a double-entry account system

Financial assets that an individual or organization uses for investment or generating profit; used to build bigger and better machinery and factories

Stock Exchanges; Companies could sell ownership interest for cash, raising funds for expansion

Accounting Information

Financial statements designed to report a company's financial status and performance.

Black Tuesday: share $ on NYSE collapsed; lead to the great depression

Securities Act of 1933

An act of Congress that required companies to disclose relevant information about the company and provide a detailed description of newly issued securities to investors. Prohibited the use of fraud and misrepresentation in the issuance of securities

Securities Act of 1934

Created the Securities and Exchange Commission (SEC), Authorized the SEC to govern the secondary markets and the trading of corporate securities sold in the US

Security and Exchange Commission (SEC)

The government body responsible for regulating the financial reporting practices of most publicly owned corporations in connection with the buying and selling of stocks and bonds.

Authorized the SEC to govern the secondary markets and the trading of corporate securities sold in the US

secondary market is where securities are exchanged after they have been issued. Requires companies to regularly disclose information that investors need to make informed investment decisions.

The report companies must file to announce major events that shareholders would want to know about

Sabanes-Oxley Act 2002

A law passed by congress in 2002 that gives the SEC significant t oversight responsibility and control over companies issuing financial statements and their external auditors. Mandated improved financial disclosures.

Chief Financial Officer; companies top accountant

the 2 that must certify the accuracy and fairness of the company's financial statements.

A law passed by congress in 2008 to improve financial market stability and curb risky financial industry activities in the US. The act curbed the creation of risky mortgages,

Financial Accounting Standards Board (FASB)

Primary organization that established accounting rules today

Generally accepted accounting principles (GAAP)

Authoritative guidelines that define accounting practice at a particular time in the US. Generally accepted by business organizations.

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D774 Section 1.1

The History and Purpose of Accountability

Term	Definition
Egypt	The world's earliest system of taxation; levied taxes to fund government operations and maintain social order
Bartering	The system used for most transactions until Middle Ages
Luca Pacioli	The father of accounting; An Italian monk and mathematician; developed a double-entry account system
capital	Financial assets that an individual or organization uses for investment or generating profit; used to build bigger and better machinery and factories
Capital Markets	Stock Exchanges; Companies could sell ownership interest for cash, raising funds for expansion
Accounting Information	Financial statements designed to report a company's financial status and performance.
Great Crash 1929	Black Tuesday: share $ on NYSE collapsed; lead to the great depression
Securities Act of 1933	An act of Congress that required companies to disclose relevant information about the company and provide a detailed description of newly issued securities to investors. Prohibited the use of fraud and misrepresentation in the issuance of securities
Securities Act of 1934	Created the Securities and Exchange Commission (SEC), Authorized the SEC to govern the secondary markets and the trading of corporate securities sold in the US
Security and Exchange Commission (SEC)	The government body responsible for regulating the financial reporting practices of most publicly owned corporations in connection with the buying and selling of stocks and bonds.
Authorized the SEC to govern the secondary markets and the trading of corporate securities sold in the US	secondary market is where securities are exchanged after they have been issued. Requires companies to regularly disclose information that investors need to make informed investment decisions.
Form 10-K	annual report
Form 10-Q	quarterly report
Form 8-K	The report companies must file to announce major events that shareholders would want to know about
Sabanes-Oxley Act 2002	A law passed by congress in 2002 that gives the SEC significant t oversight responsibility and control over companies issuing financial statements and their external auditors. Mandated improved financial disclosures.
CFO	Chief Financial Officer; companies top accountant
CEO	Chief Executive Officer
CEO and CFO	the 2 that must certify the accuracy and fairness of the company's financial statements.
Dodd-Frank Act	A law passed by congress in 2008 to improve financial market stability and curb risky financial industry activities in the US. The act curbed the creation of risky mortgages,
Financial Accounting Standards Board (FASB)	Primary organization that established accounting rules today
Generally accepted accounting principles (GAAP)	Authoritative guidelines that define accounting practice at a particular time in the US. Generally accepted by business organizations.

Created by: kcontre

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