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| Accounting | The process by which financial information about a business is recorded, classified, summarized, interpreted, and communicated to owners, managers, and other interested parties.
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| Accounting System | A process designed to accumulate, classify,and summarize financial data
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| Accounting | An independent accountant's review of a firm's financial statements
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| Auditing | The review of financial statementsto assess their fairness and adherence to generally accepted accounting principles
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| Certified public accountant (CPA) | An independent accountant who provides accounting services to the publicfor a fee
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| Creditor | One to whom money is owed
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| Discussion memorandum | An explanation of a topic under consideration bt the Financial Accounting Standards Board(FASB)
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| Corporation | A publicly or privately owned business entity that is seperate from its owners and has a legal right to own property and do business in its own name; stockholders are not responsible for the debts or taxes of the business.
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| Economic entity | A business or organization whose major purpose is to produce a profit for its owners
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| Entity | Anything having its own seperate identity, such as an individual, a town, a university, or a business.
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| Discussion memorandum | An explanation of a topic under consideration bt the Financial Accounting Standards Board(FASB)
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| Exposure draft | A proposed solution to a problem being considered by Financial Accounting Standards Board(FASB)
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| Financial statements | Periodic reports of a firm's financial position or operating results
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| Generally accepted accounting principles (GAAP) | Accounting standards developed and applied by professional
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| Governmental accounting | Accounting work performed for a federal, state, or local government unit
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| International accounting | The study of accounting principles used by different countries
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| Management advisory services | Services designed to help clients improve their information systems or their business performance
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| Managerial accounting | Accounting work carried on by an accountant employed by a single business in industry
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| Partnership | A business entity owned by two or more people who are legally reponsible for the debts and taxes of the business
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| Public accountants | Members of firms that perform accounting services for other companies
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| Seperate entity assumption | The concept of keeping a firm's financial records seperate from the owner's personal financial records
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| Social entity | a nonprrofit organization, such as a city, public school, or public hospital
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| Sole proprietorship | A business entity owned by a one person who is legally responsible for the debts and taxes of the business
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| Statements of Financial Accounting Standards | Accounting principles established by th Financial Accounting Standards Board(FASB)
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| Stock | Certificates that represent ownership of a corporation
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| Stockholders | The owners of a corporation; also called shareholders
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| Tax accounting | A service that involves tax compliance and tax plannning
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Created by:
Virajasaur
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