Key Terms
1. ______________
The personnel, procedures, devices, and records used by an organization to
develop accounting information and communicate that information to decision
makers.
2. ______________
An investigation of financial statements designed to determine their fairness
in relation to generally accepted accounting principles.
3. ______________
A position statement that shows where the company stands in financial terms at
a specific date. (Also called the statement of financial position.)
4. ______________
The clerical dimension of accounting that includes recording the routine
transactions and day‑to‑day record keeping of an enterprise.
5. ______________
The likelihood that an enterprise will be able to provide an investor with both
a return on the investor’s investment and the return of that investment.
6. ______________
An accountant who is
licensed by a state after meeting rigorous education, experience, and
examination requirements.
7. ______________
Determining the cost of certain business activities and interpreting cost
information.
8. ______________
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 (e.g., owners, creditors, labor unions, suppliers, customers).
9. ______________
Providing information about the financial resources, obligations, and
activities of an economic entity that is intended for use primarily by external
decision makers –
investors
and creditors.
10. ______________
A plan of financial operations for some future period.
11. ______________
Principles that provide the framework for determining what information is to be
included in financial statements and how that information is to be presented.
12. ______________
An activity statement that shows details and results of the company’s profit‑related
activities for a period of time.
13. ______________
The qualities of complete, unbroken, unimpaired, sound, honest, and sincere.
14. ______________
The study of internal control structure and evaluation of the efficiency of
many different aspects of the enterprise’s operations.
15. ______________
Measures used by an organization to guard against errors, waste, and fraud; to
assure the reliability of accounting information; to promote compliance with
management policies; and to evaluate the level of performance of all divisions
of the company.
16. ______________
Individuals who use accounting information from within an organization (for
example, board of directors, chief financial officer, plant managers, store
managers).
17. ______________
Providing information that is intended primarily for use by internal management
in decision making required to run the business.
18. ______________The
repayment to an investor of the amount originally invested in another enterprise.
19. ______________
The payment of an amount (interest, dividends) for using another’s money.
20. ______________
An activity statement that shows the details of the company’s activities
involving cash during a period of time.
21. ______________
Also called the balance sheet.
- ______________ Preparation of
income tax returns and anticipating the tax effects of business
transactions and structuring them in such a way as to minimize the income
tax burden.
Tax accounting
Financial forecast
Financial accounting
Statement of cash flows
Integrity
Cost accounting
Management accounting
Generally Accepted Accounting Principles (GAAP)
Internal auditing
Cash flow
prospects
Certified Public Accountant
bookkeeping
Balance sheet
Return on investment
Audit
Internal control structure
income statement
accounting systems
Internal users
External users
return of
investment
statement of financial position
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