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Cards In This Set
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AICPA
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The accounting profession's main organization of certified public accountants
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FASB
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Current authoritative body for developing GAAP
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GASB
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Establishes standards for state and local governments
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IASB
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Developer of international accounting standards
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IRS
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Responsible for interpreting and enforcing tax laws
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IMA
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Consists mainly of industrial accountants
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SEC
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Protector of the investing public
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Income Statement
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Has revenues then expenses
revenues minus expenses equals net income or net loss net income moved to statement of owners equity For a whole year |
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Statement of Owners Equity
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Owners capital from previous year, investments, net income, subtotal, withdrawals
subtotal- withdrawal= owners capital for current year whole year |
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Balance Sheet
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Point in time
accounts for assets, liabilities, owners equity |
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What are the three primary business activities?
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Operating, Investing, Financing
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What are the four components of owners equity?
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Investments, Revenues, Withdrawals, Expenses
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Two main goals of business?
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Be liquid and profitable
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