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Definition
| accounting that focuses on reporting an entity's financial position at a point in time and/or its results of operations and cash flows for a period of time |
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| In capital budgeting, the cash receipts and disbursements associated with a capital expenditure over its life |
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| In capital budgeting, the cash receipts and disbursements associated with a capital expenditure over its life. |
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| The job title of the person who is the chief accounting officer of an organization. They are usually responsible for both the financial and managerial accounting functions |
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| certified public accountant (CPA) |
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Definition
| A professional designation earned by fulfilling certain education and experience requirements, in addition to passing a comprehensive, four-part examination. Examination topics include financial accounting theory and practice, income tax accounting, managerial accounting, governmental and not-for-profit accounting, auditing, business law, and other aspects of the business environment. |
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| Accounting that is concerned with the internal use of economic and financial information to plan and control many of the activities of an entity and to support the management decision-making process |
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| certified management accountant (CMA) |
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Definition
| Professional designation earned by passing a broad, two-part examination and meeting certain experience requirements. Examination topics include budgeting, performance management, cost management, financial statement analysis, corporate finance, decision analysis, and professional ethics |
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| The segment of the accounting profession that provides auditing, income tax accounting, and management consulting services to clients |
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| The process of examining the financial statements of an entity by an independent third party with the objective of expressing an opinion about the fairness of the presentation of the entity's financial position, results of operations, changes in financial position, and cash flows |
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| independent auditor's report |
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Definition
| The report accompanying audited financial statements that explains briefly the auditor's responsibility and the extent of work performed. The report includes an opinion about whether the information contained in the financial statements is presented fairly in accordance with generally accepted accounting principles. |
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| generally accepted auditing standards, or GAAS |
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Definition
| Standards for auditing that are established by the Auditing Standards Board of the American Institute of Certified Public Accountants unless superseded or amended by the PCAOB |
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| generally accepted accounting principles |
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Definition
| Pronouncements of the Financial Accounting Standards Board (FASB) and its predecessors that constitute appropriate accounting for various transactions used for reporting financial position and results of operations to investors and creditors |
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Definition
| A document distributed to shareholders and other interested parties that contains the financial statements, notes to the financial statements, and management's discussion and analysis of financial and operating factors that affected the firm together with the report of the external auditor's examination of the financial statements |
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| The practice of auditing within a company by employees of the company |
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| An organization, individual, or a group of organizations of individuals for which accounting services are performed |
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| The process of identifying, measuring, and communicating economic information about an organization for the purpose of making decisions and informed judgements |
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| securities and exchange commission (SEC) |
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Definition
| A unit of the federal government that is responsible for establishing regulations and ensuring full disclosure to investors about companies and their securities that are traded in interstate commerce |
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