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Definition
| The procedure designed to ensure that the company is managed in the interests of the shareholders |
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| Elected by the stockholders to represent their interests, is responsible for maintaining the integrity of the company's financial reports |
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| Unqualified audit opinion (clean) |
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| An auditors statement that the financial statements are fair presentations in all material respects in conformity with GAAP |
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| Predictions of earnings for future accounting periods |
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| Managers of pension, mutual, endowment and other funds that invest on the behalf of others |
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| Individuals who purchase shares in companies |
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| Suppliers and financial institutions that lend money to companies |
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| Suggests that the benefits of accounting for and reporting information should outweight the costs |
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| Can influence a decision; it is timely and has a predictive and/or feedback value |
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| Accurate, unbiased and verifiable |
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| Can be compared over tiem because similar accounting methods have been applied |
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| Allows comparisons across businesses because similar accounting methods have been applied |
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| Amounts that are large enough to influence a user's decision |
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| Suggest that care should be taken not to overstate assets and revenues or understand liabilities and expenses |
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| A written public news announcement normally distributed to major news services |
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| The annual report that publicly traded companies must file with the SEC |
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Definition
| The quarterly report that publicly traded companies must file with the SEC |
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Definition
| Used by publicly traded companiest o disclose any material event not previously reported that is important to investors |
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| Legal amount per share established by board or directors. Establishes the minimum amount a stockholder must contribute and isnt related to the stock's market price |
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| Additional Paid-in Capital (contributed capital in excess to par) |
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Definition
| The amount of contributed capital less the par value. |
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| Gross Profit (Gross Margin) |
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Definition
| net sales less cost of goods sold |
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| Net sales less cost of goods sold and other operating expenses |
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| Income before Income Taxes (Pretax Earnings) |
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| Revenues minus all expenses except income tax expense |
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Definition
| Sale or abandonment of a segment of a business |
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Definition
| An item unusual in nature and infrequent of occurrance |
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