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ACG 6027 Chapter 1 Key concepts (1)
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ACG 6027 Chapter 1 Key concepts (1)
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ACG 6027 Chapter 1 Key conceptsaudit - ANS-to check the accuracy of financial accounts and records
Balance Sheet - ANS-shows where the company stands in financial terms on a specific date;
also called the statement of financial position.
-assets
-liabilities
-equity
Bookkeeping - ANS-A part of accounting that involves only the recording of economic events
cash flow prospects - ANS-Likelihood an enterprise will be able to provide an investor with both
a return on the investor's investment and the return of that investment
Control Activities - ANS-policies, procedures, and rules that provide reasonable assurance that
control objectives are met and risk responses are carried out
Control Environment - ANS-The overall attitude of management and employees about the
importance of controls.
Corporate Governance - ANS-the way in which a corporation is structured and the effect that
structure has on the corporation's behavior
External Users - ANS-such as investors and creditors in the decision-making. Also known as
purpose; found in financial accounting.
Objectives of External Financial Reporting - ANS-1) Provide specific information about
economic resources, claims to resources, and changes in resources and claims
2) Provide information useful in assessing amount, timing and uncertainty of future cash flows.
3) Provide general information useful in making investment and credit decisions
financial statements - ANS-are a subset of the broader concept of financial reporting.
financial reporting - ANS-also includes other communications to external parties including press
releases, disclosures, and other open communications.
Primary financial statements - ANS-1. Income Statement
2. Statement of Stockholders' Equity
3. Balance Sheet
4. Statement of Cash Flows
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