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Accounting ch 1

College Accounting ch 1

QuestionAnswer
Certified Management Accounting An accountant who has passed an examination offered by the Institute of Management Accountants.
Certified Public Accountant A public accountant who has met certain educational and experience requirements and has passed an examination prepared by the American Institute of Certified Public Accountants.
Classifying Sorting and grouping similar items together rather than merely keeping a simple, diary-like record of numerous events.
Controller The accountant who oversees the entire accounting process and is the principle accounting officer of a company.
Corporation A type of ownership structure in which stockholders own the business. The owner's risk is usually limited to their initial investment, and they usually have very little influence on the business decisions.
Cost Accounting Determining the cost of producing specific products or providing services and analyzing for cost effectiveness.
Discussion Memorandum The first document issued by FASB when developing an accounting standard. This document identifies the pros and cons of various accounting treatments for an event.
Exposure Draft This document explains the rules that FASB believes firms should follow in accounting for a particular event. Basedon the responses to the exposure draft, the Board will decide if any changes are nessary before issuing a final standard.
Financial Accounting Includes preparing various reports and financial statements and analyzing operating, investing, and financing decisions.
Generally Accepted Accounting Principles (GAAP) Procedures and guidelines developed by the Financial Accounting Standards Board to be followed in the accounting and reporting process.
Internal Auditing Reviewing the operating and accounting control procedures adopted by management to make sure the controls are adequate and being followed; assuring that accurate and timely information is provided.
Interpreting Deciding the meaning and importance of the information in various reports.
Management Advisory Services Providing advice to businesses on a wide variety of managerial issues.
Manufacturing Business A business that makes a product to sell.
Merchandising Business A business that buys products to sell.
Para-Accountant A proffessional who provides many accounting, auditing, or tax services under the direct supervision of an accountant.
Partnership A type of ownership stucture in which more than one person owns the business.
Public Hearing Following the issuance of a discussion memorandum, public meetings are often held by FASB to gsther opinions on thr accounting issue.
Recording Entering financial information about events affecting the company into the accounting system.
Reporting Telling the results of the financial information.
Sarbanes-Oxley Act An act passed by Congress to help improve reporting pracrices of public companies.
Service Business A business that provides a service.
Sole Proprietorship A type of ownership structure in which one person owns the business.
Created by: dengler