Term
|
Definition
| comprehensive system for collecting, analyzing, and communicating finnancial information |
|
|
Term
|
Definition
| recording of accounting transactions |
|
|
Term
| Accounting Information System |
|
Definition
| (AIS)organized procedure for identifying, measuring, recording, and retaining financial information for use in accounting activities |
|
|
Term
|
Definition
| person who manages all of the firm's accounting activities (Chief Accounting Officer) |
|
|
Term
|
Definition
| field of accounting concerned with external users of a company's financial information |
|
|
Term
| Managerial (management) Accounting |
|
Definition
| field of accounting that serves internal users of a company's financial information |
|
|
Term
| Certified Public Accountant (CPA) |
|
Definition
| accountant licensed by the state and offering services to the public |
|
|
Term
|
Definition
| systematic examination of a company's accounting system to determine whether its financial reports reliably represent its operations |
|
|
Term
| Generally Accepted Accounting Principles (GAAP) |
|
Definition
| accounting guidelines that govern the content and form of financial reports |
|
|
Term
|
Definition
| assistence provided by CPAs for tax planning |
|
|
Term
| Management Advisory Services |
|
Definition
| assistance provided by CPA firms in areas such as financial planning, information systems, design, and other areas of concern for client firms |
|
|
Term
| Core Competencies for Acoonting |
|
Definition
| combination of skills, technology, and knowledge that will be necessary for the future CPA |
|
|
Term
|
Definition
| salaried accontant hired by a business to carry out its day to day financial activities |
|
|
Term
|
Definition
| private accountant who provides financial services to support managers in various business activities within a firm |
|
|
Term
| Certified Management Accountant (CMA) |
|
Definition
| professional designation awarded by the institute of mangaement Accountants in recognition of management accounting qualifications |
|
|
Term
|
Definition
| the practice of accounting for legal purposes |
|
|
Term
| Certified Fraud Examiner (CFE) |
|
Definition
| professional designation administered by the Association of Certified Fraud Examiners in recognition of qualifications for a specialty area within forensic accounting |
|
|
Term
| Sarbanes-Oxley Act of 2002 (SARBOX) |
|
Definition
| enactment of federal regulations to restore public trust in accountaning practices by imposing new requirements on financial activities in publicly traded corporations |
|
|
Term
|
Definition
| Assets+Liabilities+Owner's equity; used by accountants to balance data for the firm's financial transactions at various points in the year |
|
|
Term
|
Definition
| Any economic resource expected to benefit a firm or an individual who owns it |
|
|
Term
|
Definition
| dbt owed by a firm to an outside organization or individual |
|
|
Term
|
Definition
| amount of money that owners would recieve if they sold all of a firm's assets and paid all of it's liabilities |
|
|
Term
|
Definition
| any of several types of reports summarizinga company's financial status to stakeholders and to aid in managerial decision making |
|
|
Term
|
Definition
| financial statements that supplies detailed information about a firm's assets, liabilities, and owner's equity |
|
|
Term
|
Definition
| asset that can or will be converted into cash within a year |
|
|
Term
|
Definition
| ease with which an asset can be converted into cash |
|
|
Term
|
Definition
| asset with long-term use or value, such as land, buildings, and equipment |
|
|
Term
|
Definition
| accounting method for distributing the cost of an asset over its useful life |
|
|
Term
|
Definition
| nonphysical asset, such as a patent, or trademark, that has economic value in the form of expected benefit |
|
|
Term
|
Definition
| amount paid for an existing business above the value of its other assets |
|
|
Term
|
Definition
| Debt that must be paid within one year |
|
|
Term
|
Definition
| current liabilty consisting of bills owed to suppliers, plus waes and taxes due within the coming year |
|
|
Term
|
Definition
| debt that is not due for at least one year |
|
|
Term
|
Definition
| money that isinvested in a company by its owners |
|
|
Term
|
Definition
| earnings retained by a firm for its use rather than paid out as dividends |
|
|
Term
| Income Statement (Profit and loss Statement) |
|
Definition
| financial statement listing a firm's annual revenues and expenses so that a bottom line shows annual profit or loss |
|
|
Term
|
Definition
| funds that flow into a business from the sale of goods or services |
|
|
Term
|
Definition
| costs that a company incurs to obtain revenues from other companies |
|
|
Term
|
Definition
| cost of obtaining materials for making the products sold by a firm during the year |
|
|
Term
|
Definition
| a preliminary, quick-to-calculate profit figure calculated from the firm's revenues minus its cost of revenues (the direct cost of getting the revenues) |
|
|
Term
|
Definition
| costs, other than the cost of revenues, incurred in producing a good or service |
|
|
Term
|
Definition
| gross profit minus operating expenses |
|
|
Term
|
Definition
| gross profit minus operating expenses and income taxes |
|
|
Term
|
Definition
| financial statement describing a firm's yearly cash receipts and cash payments |
|
|
Term
|
Definition
| detailed statement of estimated receipts and expenditures for a future period of time |
|
|
Term
|
Definition
| formal recording and reporting of revenues at the appropriate time |
|
|
Term
|
Definition
| guideline that financial statements should not include just numbers but should also furnish management's interpretations and explanations of those numbers |
|
|
Term
|
Definition
| financial ratio either short or long term, for estimating the borrower's liability to repay debt |
|
|
Term
|
Definition
| financial ratio for measuring a firm's potential earnings |
|
|
Term
|
Definition
| financial ratio for measuring a company's ability to pay immediate debts |
|
|
