the infomation system that identifies,records, and communicates the economic events of an organization to interested users.

Accounting

resources owned by a business

a report prepared by an independent outside auditor stating the auditor's opinion as to the fairness of the presentation of the financial position and results of operations and their conformance with generally accounting standards.

a financial statement that reports the assets and claims to those assets at a specific point in time

Asset=Liabilities+stockholder's Equity

an individual who has met certain criteria and is thus allowed to perform audits of corporations.

term used to describe the total amount paid in by stockholders for the shares they purchase.

a presentation of the financial statements of a company for more than one year

a business organized as a seperate legal entity having ownership divided into tranferable shares of stock.

the cost of assets consumed or services used in the process of generating revenues

a financial statement that presents the revenues and expenses and resulting net income  or net loss of a company for a specific period of time

the debts and obligations of a business. it present the amounts owed to creditors.

a section of the annual report that presents management's view on the company's ability to pay near- term obligations, its ability to fund and expansion, and its results of oprations.