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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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