Details

Title: accounting 330

Description: Exam 1 terms and definitions

Total Flash Cards: 6

Created: 02/13/2010 13:46:08

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Additional Accounting Flashcards

Cards in this set:

Term
APB
 Definition
Accounting Principles Board: (1) advance the written expression of accounting principles, (2) determine appropriate practices, (3) narrow the areas of difference and inconsistency in practice
Term
Accrual-basis accounting
 Definition
ensures that a company records events that change its financial statements in the periods in which the events occur, rather than only in the periods in which it receives or pays cash
Term
AICPA
 Definition
American Institute of Certified Public Accountants: the national professional organization of practicing Certified Public Accountants is an important contributor to the development of GAAP.
Term
APB Opinions
 Definition
to be based mainly on research studies, the boards official pronouncements
Term
CAP
 Definition
Committee on accounting procedure
Term
Financial Reporting
 Definition
Examples: president's letter or supplementary schedules in the corporate annual report, prospectuses, reports filed with government agencies, news releases, managements forecasts, and social or environmental impact statements