Accounting U1
Terms
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- accounting clerk
- person who holds an entry level job in accounting
- accounting system
- system comcerned with ptocess of recording and reporting financial information
- CPA (certified public accountant)
- person who provides accounting services to cloents for a fee
- charter
- legal permission that gives a corporation the right to be in business
- corporation
- business organization that is recognized by law to have a life of its own
- fiscal period
- one time period covered by an accounting report
- loss
- when company spends more than it can afford
- profit
- amount of $$ earned over and above the money needed to keep up a business
- sole proprietorship
- company with one owner
- capital
- money invested in a business by an owner
- private enterprise economy
- allows people to freely make the goods and services they want and also can use their $$ as they want
- Business entity
- exists independently from its owners personal account
- general bookeeper
- 1 person employed by a small business to keep accounts on record
- EFTS
- system to speedily transfer $$ from one account to the next
- going concern
- assumption that business will continue to operate in future
- accounting
- means of comunicating financial information in a form clearly unstood by all interested in operations and financial conditions of a ferm
- managerial accountant
- an accountant employed within a business who may determine product costs and prepare budgets
- manufactering business
- business that buys raw materials and makes them into better/finished products
- merchandising business
- a bussiness that buys finished products and resells them
- service business
- business that operates to provide a needed service for a fee
- American Accounting Association
- organization of accounting teachers and CPAS thats concerned with developing accounting standards
- American Institute of CPAS
- professional association made of CPAS
- Certificate in Management accounting
- certificate that doesnt alow an accountant to perform services for the general public
- certified public accountants
- accountants who have a license issued by the state to practice accounting
- Computer
- performs routine recordkeeping talks and prepares reports
- financial accounting standards board
- organization of accounting teachers and CPAS thats concerned with developing accounting standards
- International REvenue Service
- collection of fed. taxes/the enforcement of taz regulations and the interpretation of tax laws
- National association of accountants
- organization concerned with accounting for management purposs
- National coucil on fovernmental Accounting
- principles of accounting for state and local govs are interpreted by...
- not-for-profit organizations
- groups that privide services to public and dont operate to make money
- securities and excange commission
- regulation of sale of stock certificates to general public