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past, present, or future reductions in cash requires to generate revenues
expenses
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
corporation
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
liabilities
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
integrity
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
economic resources owned by an entity
assets
an increase in the general price level resulting in a decline in the purchasing power of the monetary unit
inflation
a landmark piece of securities law, designed to improve the effectiveness of corporate financial reporting through enhanced accountability of auditors, boards of directors, and management
sarbanes-oxley
a voluntary private-sector organization dedicated to improving the quality of financial reporting through business ethics, effective internal controls, and corporate governance
commitee of sponsoring organizations of the treadway commission (COSO)
an unincorporated form of business organization in which two or more persons voluntarily associate for purposes of carrying out business activities
partnership
an activity statement that shows the details of the company\'s activities involving cash during a period of time
statement of cash flows
an investigation of financial statements
audit
information that is intended to meet the needs of multiple users that have an interest in the financial activities of an enterprise rather than tailored to the specific information needs of one user.
general purpose information
a gov\'t organization that handles millions of income tax returns filed by individuals and business and performs audit functions to verify the data contained in them returns
internal revenue service
includes the corporate structures and processes for overseeing a company affairs, for example, the board to directors and company\'s internal control processes
corporate governance
the portion of stockholders equity that has accumulated as a result of profitable operations
retained earnings
a professional designation issued by the institute of management accountants signifying expertise in management accounting
certified management accountant
the foundation for all the other elements of internal control, setting the overall tone for the organzation
control environment
the process of evaluating the effectiveness of an organization\'s system of internal control over time, including both ongoing management and supervisory activities and periodic seperate evaluations
monitoring
a process designed to provide reasonable assurance that the organization produces reliable financial reports, complies with applicable laws and regulations, and conducts its operations in an efficient and effective manner
internal control
a private sector organization that is responsible for determining generally accepted accounting principles in the U.S
financial accounting standards board (FASB)
an accountant who is licensed by a after meeting rigerous education expertise and examination requirements
certified public accountant
the payment of an amount (interest, dividends) for using another\'s money
return on investment
a quasi-governmental body charged with oversight of the public accounting profession. the (PCAOB) sets auditing standards for audits of publicly traded companies
public company accounting oversight board
the group responsible for creating and promoting international financial report standards
international accounting standards board (IASB)
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