The process of recording of transactions and events, either manually or electronically.
What is Recordkeeping or Bookeeping?
100
Career path that prepares, analyzes, audits and plans the financial position of an organizations.
What is financial accounting?
100
Beliefs that distinguish right from wrong.
What are ethics?
100
A private group that sets both broad and specific principles.
What is the Financial Accounting Standards Board (FASB)?
100
A business owned by one person.
What is a sole proprietorship?
200
A user directly involved in managing and operating an organization.
What is an internal user?
200
Career path that focuses on general and cost accounting, prepares budgets and sets organizational financial strategies.
What is managerial accounting?
200
Provides guidance on ethical principles and how to resolve ethical conflicts.
What is the Code of Professional Ethics?
200
A governmental group that establishes reporting requirements for companies that issue stock to the public.
What is the Securities and Exchange Commission (SEC)?
200
A business owned by two or more people.
What is a partnership?
300
The area of accounting that serves as the decision-making needs of internal users.
What is managerial accounting?
300
Career path that prepares and plans for the governmentally regulated financial portions of an organization.
What is taxation?
300
Company accused of inflating income, hiding debt, and bribing officials.
What is Enron?
300
Global group that establishes accounting standards used for global business.
What is the International Accounting Standards Board (IASB)?
300
A business that is separate from its owners.
What is a corporation?
400
Individuals who design and test their employer's internal controls.
What is an internal auditor?
400
Career path that focuses on preparing the financial statements/reports for the individual taxpayer.
What is public accounting?
400
Finishes this quote: "Good Ethics are..."
What is "Good Business"?
400
Standards assuming that companies are applying technical, specific and detailed rules when preparing financial statements.
What is Rules-Based Accounting Practice?
400
Owner in a corporation.
What is a stockholder?
500
area of accounting aimed at serving external users by providing them with financial statements.
What is financial accounting?
500
The professional designation certifying that one is qualified to work with individual taxpayers.
What is Certified Public Accountant (CPA)?
500
For information to be useful, it must be...
What is trusted?
500
Standard that assumes companies are applying broad, fundamental concepts when preparing financial statements; these are usually done only for statements for internal use.
What is Principle-Based Standards?
500
A business that provides something other than merchandise to its customers.