AccountingStudyGuideTerms1_3.pdf - Accounting Financial...

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AccountingThe information system that measuresbusiness activities, processes theinformation into reports, andcommunicates the results to decisionmakers.Financial AccountingThe field of accounting that focuses onproviding information for external decisionmakers.
Managerial AccountingThe field of accounting that focuses onproviding information for internal decisionmakers.Certified ManagementAccountants (CMAs)Certified professionals who specialize inaccounting and financial managementknowledge. They typically work for a singlecompany.
Certified Public Accountants(CPAs)Licensed professional accountants whoserve the general public.CreditorAny person or business to whom abusiness owes money.
CorporationA business organized under state law thatis a separate legal entity.Economic Entity AssumptionAn organization that stands apart as aseparate economic unit.
Financial Accounting StandardsBoard (FASB)The private organization that oversees thecreation and governance of accountingstandards in the United States.Generally Accepted AccountingPrinciples (GAAP)Accounting guidelines, currently formulatedby the Financial Accounting StandardsBoard (FASB); the main U.S. accountingrule book.
Limited-Liability Company (LLC)A company in which each member is onlyliable for his or her own actions.PartnershipA business with two or more owners that isnot organized as a corporation.
Securities and ExchangeCommission (SEC)U.S. governmental agency that overseesthe U.S. financial markets.Sole ProprietorshipA business with a single owner.
Cost PrincipleGoing Concern Assumption
StockholderA person who owns stock in a corporation.AuditAn examination of a company's financialstatements and records.
International AccountingStandards Board (IASB)The private organization that oversees thecreation and governance of InternationalFinancial Reporting Standards (IFRS).International Financial ReportingStandards (IFRS)A set of global accounting guidelines,formulated by the International AccountingStandards Board (IASB).
Monetary Unit AssumptionThe assumption that requires the items on

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Term
Fall
Professor
callaghan
Tags
Balance Sheet, Generally Accepted Accounting Principles, financial accounting standards

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