Term
|
Definition
| A comprehensive system for collecting, analyzing, and communicating financial information |
|
|
Term
|
Definition
| The recording of transactions |
|
|
Term
|
Definition
| Manages all of a firm's accounting activities |
|
|
Term
|
Definition
| Concerned with external information users -- the firm's external stakeholders. Prepares income statements, balance sheets, and other financial reports published for shareholders and the public. |
|
|
Term
|
Definition
| Serves internal users (managers) by providing information to make departmental decisions, monitor projects, and plan future activities |
|
|
Term
| Certified Public Accountant |
|
Definition
| Licenses, offer services to the public; Auditing (GAAP), Tax services, Management advisory services |
|
|
Term
|
Definition
| Work exclusively for a firm as accountants |
|
|
Term
|
Definition
| Certified management accountant (CMA) |
|
|
Term
|
Definition
| Assist in the investigation of business and financial issues that may have application in a court of law |
|
|
Term
|
Definition
| Assets = Liabilities + Owners' Equity |
|
|
Term
|
Definition
| Any economic resource that is expected to benefit a firm or an individual who owns it |
|
|
Term
|
Definition
| A debt that the firm owes to an outside party |
|
|
Term
|
Definition
| Money that owners would receive if they sold all of a company's assets and paid all of its liabilities |
|
|
Term
|
Definition
| Supply detailed information about assets, liabilities, and owners' equity |
|
|
Term
|
Definition
| Cash/assets that can be converted into cash within a year |
|
|
Term
|
Definition
| Capital that has long-term use or value |
|
|
Term
|
Definition
| Patents, trademarks, copyrights, etc |
|
|
Term
|
Definition
| Debts that must be paid within one year, including accounts payable |
|
|
Term
|
Definition
| Debts not due for at least a year |
|
|
Term
| Income Statement (Profit and Loss Statement) |
|
Definition
| Description of revenues and expenses that result in a figure showing the firm's annual profit or loss |
|
|
Term
|
Definition
| The funds that flow into a business from the sale of goods or services |
|
|
Term
|
Definition
| Shows costs of obtaining the revenues from other companies during the year |
|
|
Term
|
Definition
| Costs of obtaining materials to make products sold during the year |
|
|
Term
|
Definition
| Considers revenues and cost of revenues from the income statement |
|
|
Term
|
Definition
| Resources that must flow out of a company if it is to earn revenues |
|
|
Term
|
Definition
| Describes yearly cash receipts and cash payments |
|
|
Term
|
Definition
| Detailed report on estimated receipts and expenditures for a future period of time |
|
|
Term
| Accounting Information Systems |
|
Definition
| Organized procedure for identifying, measuring, recording, and retaining financial information for use in accounting statements and management reports |
|
|
Term
|
Definition
| Current liability consisting of bills owed to suppliers, plus wages and taxes due within the coming year |
|
|
Term
|
Definition
| Financial ratio for evaluating management's efficiency in using a firm's assets |
|
|
Term
|
Definition
| Systematic examination of a company's accounting system to determine whether its financial reports reliably represent its operations |
|
|
Term
|
Definition
| Professional with specialty within forensic accounting |
|
|
Term
| Code of Professional Conduct |
|
Definition
| Code of ethics for CPAs as maintained and enforced by the AICPA |
|
|
