Term
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Definition
| refers to the procedures designed to ensure that the company is managed in the interests of the shareholders |
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Term
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Definition
| elected by the stockholders to represents their interest, is responsible for maintaing the integrity of the company's financial reports |
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Term
| unqualified audit opinion |
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Definition
| is an auditors statement that the financial statements are fair presentations in all material respects in conformity with GAAP |
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Definition
| are managers of pension, mutual, endowment, and other funds that invest on the behalf of others |
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Term
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Definition
| include individuals who purchase shares in companies |
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Term
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Definition
| include suppliers and financial institutions that lend money to companies |
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Term
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Definition
| suggests that the benefits of accounting for the reporting information should outweigh the costs |
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Term
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Definition
| can influence a decision; it is timely and has predictive and or feedback value |
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Term
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Definition
| accurate, unbiased, and verifiable |
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Term
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Definition
| can be compared over time because similar accounting methods have been applied |
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Term
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Definition
| allows comparisons across businesses because similar accounting methods have been applied |
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Term
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Definition
| are the amounts that are large enough to influence a user's decision |
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Term
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Definition
| suggest that care should be taken not overstate assets and revenues or understate liabilities and expenses |
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Definition
| a written public news announcement normally distributed to major news services |
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Term
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Definition
| is the annual report that publicly traded companies must file with the SEC |
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Term
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Definition
| the quarterly report that publicly traded companies must file with the SEC |
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Term
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Definition
| is used by publicly traded companies to disclose any material event not previously reported that is important to investors |
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Term
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Definition
| a legal amount per share established by the board of directors; it establishes the minimum amount a stockholder must contribute and has no relationship to the market price of the stock |
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Term
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Definition
| is the amount of contributed capital less the par value of the stock |
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Term
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Definition
| is net sales less cost of goods sold |
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Term
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Definition
| equals net sales less cost of goods sold and other operating expenses |
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Term
| income before income taxes |
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Definition
| is revenues minus all expenses except income tax expense |
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Term
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Definition
| result from the disposal of a major component of the business and are reported net of income tax effects |
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Term
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Definition
| are gains and losses that are both unusual in nature and infrequent; they are reported net of tax on the income statement |
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Term
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Definition
| Same as carrying value; cost less accumulated depreciation to date |
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Term
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Definition
| Assets expected to be collected in cash within one year or the operating cycle if longer. |
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Term
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Definition
| Nearness of assets to cash (in time) |
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Term
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Definition
| Balance of the common stock account divided by the par value per share |
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Term
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Definition
| The average cash-to-cash time involved in the operations of the business |
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Term
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Definition
| Assets that do not have physical substance |
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Term
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Definition
| Amount of the contributed capital less the par value of the stock |
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Term
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Definition
| Asset offset account (subtracted from an asset) |
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