Occupation
what does CPA stand for?
Certified Public Accountant
what is an economic entity?
A business or organization while major purpose is a profit for its owners
International Accounting
The study of accounting principles used in different countries
what do auditors review?
financial statements
"_____" certifies the ownership of a corporation.
stock
What is a stockholder?
The owners of a corporation; also called shareholders or business owners
what is a corporation?
A publicly or privately owned business entity that is separate from its owners and has a legal right to own property and do business from its own name;
Tax Accounting
Tax accounting involves tax compliance and tax planning.
to whom is money owed?
creditors
"________ ________" are periodic reports of a firm’s financial position or operating results.
financial statements
Define Certified Public Accountant
An independent accountant who provides accounting services to the public for free
what is a partnership in business?
A business entity owned by two or more people who carry on a business for profit and who are legally responsible for the debts and taxes of the business
Accounting System
Tax accounting involves tax compliance and tax planning.
What is the source of authoritive GAAP?
Accounting Standards Codification
"_____" is a deliberate act (or failure to act) with the intention of obtaining an unauthorized benefit
Fraud
what is the difference between a CPA and a public accountant?
a CPA works for themselves and the public while public accountants work for firms and work for other companies as accountants.
What is internal control used for?
Protect accounts data and ensure reliability
Managerial Accounting
Accounting work carried on by an accountant employed by a single business in the industry
what is GAAP?
Generally Accepted Accounting Principles; Accounting standards developed and applied by professional accountants
an "_________ ______" is a proposed solution to a problem being considered by the Financial Accounting Standards board.
exposure draft
What does a certified bookkeeper do?
designation that assures an individual possess the level of knowledge and skill needed to carry out all key functions through the adjusted trial balance, including payroll
what do management advisory services help with?
involved in helping clients improve their information systems or their business performance
governmental accounting
Governmental accounting involves keeping financial records and preparing financial reports
How did Russel almost get Mr. Miller killed?
by stealing from a hunters campsite while on motorcycles
a "_________ __________" is the explanation of a topic under consideration by the financial accounting standards board.
Discussion memorandum