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Related Flashcards
Related Topics
Cards In This Set
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Accounting
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Process of identifying, recording, and communicating the economic events of an organization to interested users
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Managerial Accounting
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For internal users- marketing managers etc.
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Financial accounting
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For external decision makers- investors, creditors, authrities, customers, labor unions, regulatory agencies
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SEC
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Securities Exchange Commission created in 1933
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SEC act of 1933
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Registration statement- Initial Public Offering- must have CPa audit 5 years of financial status
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SEC act of 1934
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Established 10k, 10q and 8k for reporting enforcement
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10K
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Annual report financial statement they report to SEC and is aduited by an independent accounting firm
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10Q
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Quarterlies but not as extensively audited but are reviewed
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8K
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Any major change such as a change in auditor
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FASB
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Financial Accounting Standards Board
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GAAP
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Generally Accepted Accounting Principles- est. set of standards and rules that a general guide for financial reporting
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GAAS
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Generally accepted auditing standards- est. set of standards and rules that are a guide for doing audits of financ. statements
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Forms of Business Organization
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Sole proprietorship, partnership, corporation
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Types of business activities
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Service, merchandising, manufacturing
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Basic Financial Statements
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Income, Owners Equity, Balance Sheet, Cash Flows, Footnotes
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