quiz 4 keywords

quiz 4 keywords - Accounting a process of developing and...

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Accounting – a process of developing and providing reliable financial info to those who have a need, either inside or outside the company, to support sound decision making Acct Process – Triggered by transactions, then transactions are collected, recorded, classified and summarized, finally developed into financial statements Financial statements – balance sheet, income statement, statement of cash flow Balance sheet – past performance Income statement – present conditions Statement of cash flow – future prospects Management acct – inside company Manager – planning, control, budgeting, decision making Owners, investors – general oversight, evaluate financial health and performance Labor unions – as a credible source of financial data for use in contract negotiations Financial management – input to aid in decision making Financial acct – outside company Govt – including internal revenue service – regulation, tax collection Potential investors, creditors – evaluate financial outlook and credit worthiness Competitors – search for insights AICPA – American Institute of Certified Public Accountants – appoints FAF FAF – Financial Accounting Foundation Board – appoints FASB FASB – Financial Accounting Standards Board – Establishes GAAP, guidelines to be followed SEC – Securities and Exchange Commission – evaluates and approves accounting principles made by FASB
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This note was uploaded on 04/18/2008 for the course BUS-X 100 taught by Professor Heslin during the Spring '08 term at Indiana.

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quiz 4 keywords - Accounting a process of developing and...

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