Accounting - Answer-A system of providing "quantitative information, primarily financial
in nature, about economic entities that is intended to be useful in making economic
decisions."
American Institute of Certified Public Accountants (AICPA) - Answer-The professional
organization of certified...
WGU C213 - Accounting topic 1
Accounting - Answer-A system of providing "quantitative information, primarily financial
in nature, about economic entities that is intended to be useful in making economic
decisions."
American Institute of Certified Public Accountants (AICPA) - Answer-The professional
organization of certified public accountants in the United States
Income Statement - Answer-This document reports the amount of net income earned by
a company during a period, with annual and quarterly income statements being the
most common
Internal Revenue Service (IRS) - Answer-The government agency responsible for tax
collection and tax law enforcement
Balance Sheet - Answer-Document which 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
Bookkeeping - Answer-The preservation of a systematic, quantitative record of an
activity
Certified Public Accountant - Answer-A person who has taken a minimum number of
college-level accounting classes, has passed the dreaded CPA exam, and has met
other requirements set by his or her state
International Accounting Standards Board (IASB) - Answer-An independent,
international body formed to develop worldwide accounting standards
International Financial Reporting Standards (IFRS) - Answer-The accounting standards
produced by the IASB
Managerial Accounting - Answer-The name given to accounting systems designed for
internal users
Public Company Accounting Oversight Board (PCAOB) - Answer-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
Statement of Cash Flows - Answer-This document reports the amount of cash collected
and paid out by a company in the following three types of activities: operating, investing,
and financing
Financial Accounting - Answer-The name given to accounting information provided for
and used by external users
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