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ACCT 284 - Ch1 Glossary

ACCT 284 - Ch1 Glossary - Chapter 1 Glossary Accounting A...

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Chapter 1 Glossary Accounting A system that collects and processes (analyzes, measures, and records) financial information about an organization and reports that information to  decision makers. Accounting Entity The organization for which financial data are to be collected. Accounting Period The time period covered by the financial statements. Audit An examination of the financial reports to ensure that they represent what they claim and conform with generally accepted accounting principles. Balance Sheet (Statement of Financial Position) Reports the amount of assets, liabilities, and stockholders' equity of an accounting entity at a point in time. Basic Accounting Equation (Balance Sheet Equation) Assets = Liabilities + Stockholders' Equity. Financial Accounting Standards Board (FASB) The private sector body given the primary responsibility to work out the detailed rules that become generally accepted accounting principles.
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