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| Process by which financial information about a business is recorded, classified, summarized, interpreted, and communicated to parties. |
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| Designed to accumulate data about a firm's financial affairs, classify data, and summarize periodic reports. |
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| Work for public accounting firms |
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| Individual that has to have a certain number of college credits in accounting courses, have good character, pass the exam, and fulfill the requirements. |
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| Review of financial statements to assess their fairness to generally accepted accounting principles |
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| Involves tax compliance and planning |
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| Management advisory Services |
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| Involve helping clients improve their information systems or their business performance |
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| Involves keeping records and preparing reports as part of the federal or state government |
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Use financial information to:
assess the firms ability to pay its bills |
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Decide whether to make a loan
Determine the terms of a loan
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| Income taxes, Sales taxes, Property taxes |
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| Regulatory Agencies and Investors |
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| The securities and exchange commission i the federal agency that oversees the financial information of public corporations |
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| made to crack down on impezzlement |
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| Negotiate wages and benefits |
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Three types of business entities
describe the process used to develop generally accepted accounting |
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| is a business entity owned by one person who is legally responsible for the debts and taxes of the business |
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| business entity owned by two or more people who are legally responsible for the debts and taxes of a business |
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Amount each contribute
Percentage of ownership of each partner
Share of profits of each partner
Duties of each partner
Debts |
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publicly or privately owned business entity that is separate from its owners and legal right to own property and do business on its own
stockholders are not responsible |
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Represents the ownership of the corporation
issued in the form of stock certificates |
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| generally accepted accounting principles |
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