process of organizing, analyzing, and communicating financial information that is used for decision-making

process of ensuring activities are carried out as intended or designed

process of giving advice or guidance on financial and nonfinancial impact of a course of action

recording and tracking of costs in the manufacturing process

business that grants extended, but short-term, payment terms to other businesses

measures the financial performance of an organization using standard conventions to prepare financial reports

Financial accounting standards board (FASB)

independent, nonprofit organization that sets financial accounting and reporting standards for both public and private sector businesses in the United States that use Generally Accepted Accounting Principles (GAAP)

has the primary purpose of earning a profit by selling goods and services

Generally accepted accounting principles (GAAP)

common set of rules, standards, and procedures that publicly traded companies must follow when composing their financial statements

Governmental accounting

process of tracking the inflows and outflows of taxpayer funds using prescribed standards

Governmental Accounting Standards Board (GASB)

source of generally accepted accounting principles (GAAP) used by state and local governments in the United States; is a private nongovernmental organization

provides services to the general public (taxpayers)

bank or other institution that has the primary purpose of lending money

Managerial accounting

process that allows decision makers to set and evaluate business goals by determining what information they need to make a particular decision and how to analyze and communicate this information

Manufacturing accounting

for-profit business that is designed to make a specific product or products

nonprofit (not-for-profit) organization

tax-exempt organization that serves its community in a variety of areas

not-for-profit (NFP) accounting

including charities, universities, and foundations, helps ensure that donor funds are used for the intended mission of the not-for-profit entity

privately held company

company whose stock is available only to employees or select individuals or groups

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Ch.1 financial A

Key terms for 1st week

Term	Definition
Accounting	process of organizing, analyzing, and communicating financial information that is used for decision-making
Auditing	process of ensuring activities are carried out as intended or designed
Consulting	process of giving advice or guidance on financial and nonfinancial impact of a course of action
Cost accounting	recording and tracking of costs in the manufacturing process
Creditor	business that grants extended, but short-term, payment terms to other businesses
Financial accounting	measures the financial performance of an organization using standard conventions to prepare financial reports
Financial accounting standards board (FASB)	independent, nonprofit organization that sets financial accounting and reporting standards for both public and private sector businesses in the United States that use Generally Accepted Accounting Principles (GAAP)
for-profit business	has the primary purpose of earning a profit by selling goods and services
Generally accepted accounting principles (GAAP)	common set of rules, standards, and procedures that publicly traded companies must follow when composing their financial statements
Governmental accounting	process of tracking the inflows and outflows of taxpayer funds using prescribed standards
Governmental Accounting Standards Board (GASB)	source of generally accepted accounting principles (GAAP) used by state and local governments in the United States; is a private nongovernmental organization
governmental entity	provides services to the general public (taxpayers)
Lender	bank or other institution that has the primary purpose of lending money
Managerial accounting	process that allows decision makers to set and evaluate business goals by determining what information they need to make a particular decision and how to analyze and communicate this information
Manufacturing accounting	for-profit business that is designed to make a specific product or products
nonprofit (not-for-profit) organization	tax-exempt organization that serves its community in a variety of areas
not-for-profit (NFP) accounting	including charities, universities, and foundations, helps ensure that donor funds are used for the intended mission of the not-for-profit entity
privately held company	company whose stock is available only to employees or select individuals or groups

Created by: noodlee

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