Term
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Definition
| process of financial information |
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Term
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Definition
| collect data about firm's financial affairs, classify data in a useful way, and summarize periodic reports |
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Term
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Definition
| summarize it in periodic reports and owners/managers obtain a lot of info |
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Term
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Definition
work for public accounting firms
-auditing-tax accounting-management advisory services |
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Term
certified public accountantsÂ
[CPAs] |
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Definition
| certain number of college credit, demonstrate good personal character, pass the Uniform CPA examination, & obtain experience |
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Term
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Definition
| review of financial statements to evaluate fairness and adherence to accepted accounting principles |
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Term
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Definition
| tax compliance[preparation of tax returns] & tax planning[advice] |
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Term
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Definition
private accounting
-working for a single business
--understand financial statements
--est. accounting policies
--prepare taxes
--prepare internal reports for CEO |
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Term
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Definition
| keeping financial records & preparing financial reports for federal, state or local governmental units |
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Term
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Definition
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Term
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Definition
| use financial info to negotiate wages && benefits |
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Term
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Definition
| [1 or 2 years] accounting education && accounting clerk experience |
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Term
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Definition
financial info to determine economic health
--likelihood that the firm will stay in business |
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Term
| regulatory agencies && investors |
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Definition
SEC federal agency [oversees financial info of public corps.]
public corps, [stock is traded in stock exchanges & over the counter markets] |
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Term
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Definition
| led to a major change in the regulatory environment designed to crack down on corporate fraud && corruption |
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Term
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Definition
generally accepted auditing principles
-rules ppl in accounting have to follow FASB |
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Term
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Definition
| independent accountant's review of firm's financial statements |
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Term
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Definition
| form of stock certificates--represents ownership of the corporation |
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Term
| management advisory services |
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Definition
| helps clients improve their information systems or business performance |
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Term
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Definition
| [1-2] accounting courses && little to no experience |
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Term
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Definition
determine tax base for
-income-sales-property taxes |
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Term
| separate entity assumption |
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Definition
| personal records separate from business records |
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Term
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Definition
-assess firm's ability to pay bills
-set a credit limit for firm [how much you can change] |
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Term
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Definition
| two or more owners [responsible for debts && taxes of business] |
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Term
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Definition
| one owner [responsible for debts && taxes] |
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Term
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Definition
investors [thousands] public or private [legal right to do business && own property in own name]
-stockholders not responsible for debts or taxes |
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Term
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Definition
| bachelor's degree [1-2 years] |
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