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Business Test 2

QuestionAnswer
Accounting A comprehensive system for collecting, recording, analyzing and communicating financial information
Bookkeeping Process by which accounting transactions are entered.
Financial Accounting Geared toward external users of the company's financial information, focuses on the company as a whole.
Managerial/Cost Accounting Serves internal users and managers, focuses on measuring and allocating costs, preparing budgets and assuring adherence to them.
Tax Accounting Aimed at the reduction of tax payments.
Auditing Reviews and evaluates a company's financial statements.
Public Accounting accountants who provide accounting services to other organizations
CPA Certified Public Accountants; licensed by states and offering services to public.
Controller Chief accounting executive overseeing all accounting personnel.
Treasurer Directs functions dealing with receipt, disbursement, protection of cash, the preservation of company assets, investment of surplus funds or pension and trust funds, governs overall credit policy, negotiate loans, arrange insurance cover, maint bank rel
CFO Advises the president of the organization with respect to financial reporting, financial stability, liquidity and financial growth. Other duties: maintenance of relationships with stockholders, financial institutions, and investment community.
FASB Financial Accounting standards board. reporting to AICPA
GAAP Generally accepted accounting principles. Formulated by FASB
Balance Sheet Statement of a firms financial positions, what it owns and the claims against its assets - at a particular point in time.
Income Statement Financial record of a company's revenues, expenses and profits over a period of time.
Assets An economic resource expected to benefit a firm (or individual) who owns it. Liabilities + Owners Equity = Assets.
Liabilities Debt owed by a firm to an outside organization or an individual.
Owners Equity Amount of money owners would receive if they sold all of the firms assets and paid off all it liabilities. Cost of original investment plus reinvested earning. Assets - Liabilities = Owners Equity
Revenue Income
Cost of Goods Sold COGS. An I.S. figure which reflects the cost of obtaining raw materials and producing finished goods that are sold to consumers. Cost of Goods Sold = Beginning Merchandise Inventory + Net Purchases of Merchandise - Ending Merchandise Inventory.
Gross Profit Revenue - COGS
Operating Profit Gross Profit/Margin - Operating Expenses
Net Income Operating Income - Taxes
Created by: deleted user