provides accounting services to individual or business firms for a fee
What is a Public Accountant
100
Current assets divided by current liabilities
What is Liquidity- Current Ratio
100
to provide reliable, consistent, and unbiased information to decision makers, accountants follow guidelines or standards
What is the Generally Accepted Accounting Principles (GAAP)
100
shows its financial position on a particular date
What is the Balance Sheet
200
Process of measuring, interpreting, and communicating financial information to support internal and external business decision making
What is an Accountant?
200
work for churches, labor unions, charities, schools, hospitals, and universities
What is a Not-for-Profit Accountant
200
Revenue or sales divided by average total assets
What is Efficiency Ratios- Total Asset Turnover
200
primarily responsible for evaluating, setting, or modifying GAAP
What is Financial Accounting Standards Board (FASB)
200
represents the flow of resources that reveals the performance of the organization over a specific time period
What is income statement
300
Set of activities involved in converting information and individual transactions into financial statement
What is Accounting Cycle?
300
Collects and records financial transactions and prepares financial statements used by the firm's managers in decision making
What is a Management Accountant
300
measures the extent to which a firm relies on debt financing
What is Leverage Ratios
300
prohibits U.S. citizens and companies from bribing officials in order to win or continue business
What is Foreign Corrupt Practices Act
300
record of the change in owners' equity from the end of one fiscal period to the end of the next
What is statement of owners' equity
400
Accounting method that records revenues and expenses when they occur, not necessarily when cash actually changes hands
What is Accrual Accounting?
400
Accountants in these sectors concern themselves primarily with determining how effectively the organization accomplish their objectives
What is Government Accountant
400
Gross profit margin
Net profit margin
Return on equity
What is Profitability Ratios
400
data should be collected and presented in the same manner across all periods
What is consistency
400
statement showing the sources and uses of cash during a period of time
What is statement of cash flows
500
purpose is to promote worldwide consistency in financial reporting practices
What is International Accounting Standards Board (IASB)
500
examines the firm's financial practices to ensure that its records include accurate data and that its operations comply with federal, state, and local laws and regulations
What is internal auditor
500
Net profit divided by average owners' equity
What is Profitability Ratios- Return on equity
500
states that all information being reported should be appropriate and assist users in evaluating that information