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Chapter1
Chapter10
Chapter11
Chapter12
Chapter13
Chapter14
Chapter15
Chapter16
Chapter17
Chapter18
Chapter19
Chapter2
Chapter20
Chapter21
Chapter22
Chapter23
Chapter24
Chapter3
Chapter4
Chapter5
Chapter6
Chapter7
Chapter8
Chapter9
accounting A set of concepts and techniques that are used to measure and report financial information about an economic unit
accounting equation A financial relationship at the heart of the accounting model: Assets = Liabilities + Owners' Equity assets The economic resources owned by an entity; entailing probable future benefits to the entity auditing The examination of transactions and systems that underlie an organization's financial statements with the goal or reporting thereon balance sheet A financial statement that presents a firm's assets, liabilities, and owners' equity at a particular point in time CPA An individual who is licensed by a state to practice public accounting certified public accountant An individual who is licensed by a state to practice public accounting corporation A form of business organization where ownership is represented by divisible units called shares of stock dividends Amounts paid from profits of a corporation to shareholders as a return on their investment in the stock of the entity expenses The costs incurred in producing revenues financial accounting An area of accounting that deals with external reporting to parties outside the firm; usually based on standardized rules and procedures Financial Accounting Standards Board An organization charged with producing standards for financial reporting in the USA financial statements Core financial reports that are prepared to represent the financial position and results of operations of a company historical cost principle The concept that many transactions and events are to be measured and reported at acquisition cost income statement A financial statement that summarizes the revenues, expenses , and results of operations for a specified period of time internal auditor A person within an organization who reviews and monitors the controls, procedures, and information of the organization International Accounting Standards Board An organization charged with producing accounting standards with global acceptance liabilities Amounts owed by an entity to others managerial accounting An area of accounting concerned with reporting results to managers and others who are internal to an organization net income The excess of revenues over expenses for a designated period of time net loss The excess of expenses over revenues for a designated period of time owner investments Resources provided to an organization by a person in exchange for a position of ownership in the organization owners' equity The residual of assets minus liabilities, representing the collective interest or position of the entity's owners partnership A non-corporation representing an association of two or more persons organized to carry out a business plan for a profit motive public accounting Accounting activities provided by a person to the general public, typically relating to audit, tax and similar services retained earnings The excess of a corporation's income over its dividends revenue Inflows and other benefits received in exchange for the providing of goods and services sole proprietorship A non-corporation business owned by a sole individual statement of retained earnings A financial statement that discloses changes in retained earnings during a designated period of time; those changes usually attributable to income and dividends
