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the owners equity of an enterprise organized as a corporation
stock holders equity
measures taken by management specifically intended to make a business look as strong as possible in its balance sheet income statement and statement of cash flows
window dressing
an assumption by accountants that the monetary unit used in the preparation of financial statements is stable over time or changes at a sufficiently low rate that the resulting impact on financial statements does not distort the information
stable dollar assumption
a category in the statement of cash flows that includes the cash effects of all revenues and expenses included in the income statement
operating activities
the accounting principle of providing with financial statements any financial and other facts that are necessary for proper interpretation of those statements.
an assumption by accountants that a business that a business will operate in the foreseeable future unless specific evidence suggests that this is not a reasonable assumption
going-concern assumption
the excess of assets over liabilities the amount of the owners\' investment in the business plus profits from successful operations that have been retAined in the business
owner\'s equity
the widely used principle of accounting for assets at their original cost to the current owner
cost principle
a category in the statement of cash flows that reflect the results of purchases and sales of assets such as land buildings and equipment
investing activities
increases in the enterprises assets as a result of profit oriented activities
an activity statement that explains the enterprises change in cash in terms of its operating investing and financing activities
statement of cash flows
the organization\'s process for capturing operational, financial, and complianace related info necessary to run the business, and communicating that info downstream (from management to employees) upstream (from employees to management) and across the organization
information and communication
having the financial ability to pay debts as they become due
a decline in general price level resulting in an increase in the purchasing power of the monetary unit
owner of capital stock in a corporation
stock holder
a payment of cash that reduces the enterprises cash balance
negative cash flows
the likelyhood that an enterprise will be able to provide an investor with both a return on the investor\'s investment and the return of that investment
cash flow prospects
balance sheet
statement of financial position
a person or organization to whom debt is owed
increases in cash that add to enterprises cash flow
positive cash flows
past, present, or future reductions in cash requires to generate revenues
an economic unit that controls resources, incurs obligations, and engages in business activities
business entity
providing information that is intended primarily for use by internal management and decision making required to run thw business
management accounting
a professional accounting organization that intends to influence the concepts and ethical practice of management accounting and financial management
institute of management accountants
a professional accounting organization of certified public accountants that engage in a variety of professional activities including establishing auditing standards for private companies, conducting research, and establishing industry specific financial reporting standards
america institute of CPA\'s
the repayment to an investor of the amount originally invested in another enterprise
return of investment
a professional designation issued by the institute of internal auditors signifying expertise in internal auditing
certified internal auditor
the financial statement showing the financial position of an enterprise by summarizing its assets, liabilities, and owners equity at a point in time. also called financia position
balance sheet
providing info about the financial resources, obligations, and activities of an economic entity that is inteneded for use primarily by external decision makers --- investors and creditors
financial accounting
a position statement that shows where the company stands in financial terms at a specific date
balance sheet / financial position
an unincorporated business owned by a single individual
sole proprietorship
A professional accounting organization consisting primarily of accounting educators that are dedicated to improving accounting education, research and practice.
American Accounting Association
principles that provide the frame work for determining what info is to be included in financial statements and how that info is to be presented
generally accepted accounting principles
policies procedures that management puts in place to address the risks identified during the risk assesment process
control activities
a category in the statement of cash flows that reflect the results of debt and equity financing transactions
financing activities
transferable units of ownership in a corporation
capital stock
a governmental organization that has the legal power to establish accounting principles and financial reporting requirements for publicly held companies in the U.S
securities and exchange commission (SEC)
a monetary declaration of what is believed to be true about an enterprise
financial statement
a business organized as a seperate legal entity and character by a state, with ownership into transferable shares of capital stock
another name for balance sheet
statement of financial position
a process of identifying, analyzing, and managing those risks that pose a threat to the acheivement of those organization\'s objectives
risk assesment
individuals who use accounting information from within an organization (store managers, board of directors, plant managers etc)
internal users
a professional accounting organization that is dedicated to the promotion and development of the practice of internal auditing .
institute of internal auditors
the clerical dimensions of accounting that include recording the routine transactions and day to day record keeping of an enterprise
book keeping
debts or obligations of an entity that resulted from past transactions. they represent the claims of creditors on the enterprises assets
a federal gov\'t agency that audits many other agencies of the federal govt and other organizations that do business with the federal gov\'t and reports it\'s findings to congress
gov\'t accountability office
the qualities of being complete, unbroken, unimpaired, sound, honest, and sincere
the personnel, procedures, devices, and records used by an organization to develop accounting info and communicate that information to decision makers.
accounting system
individuals and other enterprises that have a financial interest in the reporting enterprise but that are not involved in the day to day operations of that enterprise
external users
an activity statement that shows details and results of the company profit related activities for a period of time
income statement
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