Term
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Definition
| consists of all activities necessary to provide members of an economic system with goods and services |
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Definition
| organization operated to earn a profit |
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Term
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Definition
This form of organization is characterized by a single owner. |
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Definition
| A business owned by two or more individuals |
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Term
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Definition
| an entity organized under the laws of a particular state |
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Term
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Definition
The assumption that a single,
identifiable unit must be
accounted for in all situations. |
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Term
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Definition
A certificate that acts as
evidence of ownership in a
corporation. |
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Term
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Definition
A certificate that represents
a corporation’s promise to
repay a certain amount of
money and interest in the
future. |
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Term
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Definition
An organization operated for
some purpose other than to
earn a profi t. |
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Term
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Definition
| An obligation of a business |
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Term
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Definition
indicate the dollar amount of stock sold to
the public. |
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Term
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Definition
One of the owners of a
corporation. |
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Term
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Definition
Someone to whom a
company or person has a
debt. |
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Term
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Definition
| A future economic benefit |
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Term
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Definition
| inflow of assets resulting from the sale of products and services. |
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Term
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Definition
the outflow
of assets resulting from the sale of goods and services.
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Term
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Definition
the process of identifying, measuring, and
communicating economic information to permit informed judgments and decisions by
users of the information. |
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Term
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Definition
| branch of accounting concerned with providing internal users (management) with information to facilitate planning and control. |
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Term
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Definition
the branch of accounting concerned with communication with outsiders through financial statements.
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Term
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Definition
| The owners’ claims on the assets of an entity. |
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Term
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Definition
| the owners' equity in a corporation |
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Term
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Definition
The part of owners’ equity
that represents the income
earned less dividends paid
over the life of an entity. |
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Term
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Definition
The financial statement that
summarizes the assets,
liabilities, and owners’ equity
at a specific point in time |
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Term
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Definition
summarizes the revenues and expenses of a company for a period of time.
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Term
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Definition
The excess of revenues over
expenses. |
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Term
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Definition
A distribution of the net
income of a business to its
owners. |
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Term
| statement of retained earnings |
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Definition
explains the change in retained earnings during the period.
Beginning balance + net income - dividends |
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Term
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Definition
The financial statement that
summarizes a company’s
cash receipts and cash
payments during the period
from operating, investing, and
financing activities. |
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Term
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Definition
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Term
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Definition
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Term
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Definition
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Term
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Definition
all assets are initially recorded at the cost to acquire
them. |
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Term
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Definition
The assumption that an
entity is not in the process
of liquidation and that it will
continue indefi nitely. |
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Term
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Definition
The yardstick used to
measure amounts in financial
statements; the dollar in the
United States. |
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Term
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Definition
An artificial segment on
the calendar used as the
basis for preparing financial
statements. |
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Term
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Definition
Generally accepted accounting principles
The various methods,
rules, practices, and other
procedures that have evolved
over time in response to
the need to regulate the
preparation of fi nancial
statements. |
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Term
Securities and Exchange
Commission (SEC) |
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Definition
The federal agency with
ultimate authority to
determine the rules for
preparing statements for
companies whose stock is
sold to the public. |
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Term
Financial Accounting Standards Board (FASB) |
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Definition
| sets these accounting standards in the United States. |
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Term
American Institute of Certified Public Accountants (AICPA) |
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Definition
| the professional organization of Certified Public Accountants (CPAs). |
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Term
| Certified Public Accountants (CPAs). |
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Definition
The designation for an
individual who has passed a
uniform exam administered
by the AICPA and has met
other requirements as
determined by individual
states. |
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Term
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Definition
The designation for an
individual who has passed a
uniform exam administered
by the AICPA and has met
other requirements as
determined by individual
states. |
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Term
Public Company Accounting
Oversight Board (PCAOB) |
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Definition
A five-member body created
by an act of Congress in 2002
to set auditing standards. |
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Term
International Accounting
Standards Board (IASB) |
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Definition
The organization formed
to develop worldwide
accounting standards. |
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Term
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Definition
The process of examining the
financial statements and
the underlying records of a
company to render an opinion
as to whether the statements
are fairly presented. |
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Term
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Definition
An act of Congress in 2002
intended to bring reform to
corporate accountability and
stewardship in the wake of
a number of major corporate
scandals. |
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