General Information
The practice of keeping all business records and transactions up to date.
What is bookkeeping?
An item which deducts value from revenue
What is an expense?
This is where all financial transactions are initially recorded
What is the general journal?
This 2002 law was created in order to restore much needed public trust in the accounting industry
What is the Sarbanes-Oxley Act?
This is the amount of time Bernie Madoff was sentenced to for his fraudulent activities
What is 150 years?
The process of recording and analyzing financial activities
What is accounting?
A belonging of a company set to use its full value within the year
What is a current asset?
A report detailing the amounts of assets, liabilities, and owner's equity
What is the balance sheet?
What are cloud-based services?
The year Enron went bankrupt because it used its accountants to artificially inflate its value
When was 2001?
Accounting that aims to let the public know how a company is doing
What is financial accounting?
You might use this expense when calculating how much you spent on printer ink
What are supplies expenses/supplies?
A tracking sheet of money coming in and out of the company
What is the statement of cash flows?
This process will allow financial records & information to be instantly gathered, rather than manually
What is automation?
This is what the Sarbanes-Oxley Act restricts auditors from performing for the companies that hire them
What is non-auditing work?
The action of a third-party public accountant that involves reviewing and preparing opinions towards a company's records
What is auditing?
This is the amount left over after dividends have been distributed from net income to the owners
What are retained earnings?
The report that lists revenues and expenses
What is the income statement?
What are staffing challenges?
The accounting firm established by SOX that sets regulations for auditing and public accountants
What is the PCAOB?
Accountants employed to serve a particular organization
What are CMA's/Private accountants?
Often growing inversely to equipment, this universal trait subtracts from the value of assets
What is depreciation/accumulated depreciation?
This is a report that lists projections of expenses and revenues for the year
What is the budget?
This is a general pattern that will lead to something down the line if the pattern holds
What is a trend?
None. Simply zero.
What is the number of international accounting standards?