Accounting

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Author:
peyton1234
ID:
233688
Filename:
Accounting
Updated:
2013-09-09 01:04:56
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terms for test
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  1. Sarbanes-Oxley Act (sox)
    reduce unethical corporpate behavior and desrease the lieihood of future corporate scandals
  2. Generaly Accepted accounting principles
    (GAAP)
    guidance from a set of rules and pratices that have authoritative support
  3. Security and Exchange commission (SEC)
    Agency of US GOV. that oversees  US markets ad accounting standard setting boddies
  4. Financial Acc. Standards Board (FASB)
    Primmary accounting standard-setting body in US
  5. Accounting Standards Board(IASB)
    issues standards Called , International Finnacial Reporting Standards(IRFS)
  6. Public Company Accounting Oversight Board(PCAOB)
    Sarbanes-Oxley ACT, reviews accounting firms
  7. Assets=
    Liabilites+ stockholders equity
  8. Earning per share=
    Net income-preferred stock dividends    

    Average common shares outstanding
  9. Current Ratio
    • Current Assets
    • Current Liablities
  10. Debt to tatal assets ratio
    • total liabilities
    • total assets
  11. Free cash flow=
    cash provided by operation-capital expenditures- cash dividends
  12. comparability
    results when different companies use the same accounting princaple
  13. consistency
    means that a company uses the same acountig principle and methods from year to year
  14. verifiable
    able to prove that it is free from error
  15. timely
    for accounting info to be relivant must be timely
  16. understandablity
    presented in a clear and concise fashhion
  17. cost principle
    dicates that companies recod asset at their cost
  18. fair value princaple
    indicates assets and lilblites should be reported at fair value
  19. full disclosure principle
    requires companies disclose all crsumstances and events that would make a difference to financial statement users

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