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Related Flashcards
Cards In This Set
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BOOK KEEPING
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the preservation of a systematic, quantitative record of an activity.
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ACCOUNTING
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A system of providing "quantitative information, primarily financial in nature, about economic entities that is intended to be useful in making economic decisions.
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These are the 4 key features of accounting
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Quantitative, Financial, Useful, Future Decisions
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 Balance Sheet |
reports the resources of a company (the assets), the company's obligations (the liabilities), and the owners' equity, which represents how much money has been invested in the company by its owners.
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 Income Statement |
The income statement reports the amount of net income earned by a company during a period
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 Statement of Cash Flows |
Reports the amount of cash collected and paid out by a company in the following three typesof activities: operating, investing, and financing
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Who sets accounting standards in the U.S
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Financial Accounting Standards Board (FASB)
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Public Company Accounting Oversight Board (PCAOB) A private, non-profit organization that effectively serves as an arm of the SEC in registering, inspecting, and disciplining the auditors of all publicly traded companies..
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Inspects and disciplines the auditors of publicly traded companies, inlcluding the AICPA
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International Accounting Standards Board (IASB)
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Develop worldwide accounting rules(other than US)
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