BUS 200 Accounting and Stocks

The flashcards below were created by user jo73 on FreezingBlue Flashcards.

  1. Accounting
    Measuring, classifying, analyzing, and communicating of financial information to help people inside and outside a company make good financial decisions
  2. Managerial Accounting
    Concerned with preparing accounting information and analyses for managers and other decision makers inside an organization.
  3. Financial Accounting
    concerned with preparing accounting information and analyses primarily for people outside the organizations such as stock holders government agencies. prepare BS IS and statement of cash flows
  4. Private accountants/ corporate accountants
    • in house accountants working for a single organization
    • CMA and CIA
  5. Certified management accountants
    pass a two day examination held by the Institute of management accountants that test their knowledge of managerial accounting and business
  6. Certified Internal Auditor
    bachelor's degree, two years of internal auditing experience, and passed examination given by the Institute of Internal Auditors.
  7. Public Accountants
    • Providing accounting services to clients on a fee basis. 
    • CPA
  8. External Auditor
    public accountants who audit, or review, client's financial information to see whether it was prepared under generally accepted accounting principles
  9. Tax accounting
    CPA trained in tax law concentrates on preparing tax returns and doing tax planning
  10. Management Advisory Services
    specialized accounting services that CPAs offer business managers to resolve different kinds of problems
  11. Not-for-profit accountants
    work for governments and nonprofit organizations. perform the same services as for profit accountants except they're concerned primarily with efficiency not profits.
  12. Government Accountability Office
    • the investigative arm of Congress charged with examine matters relating to the receipt and payment of public funds. 
    • Create national and federal research and development agenda for improving cybersecurity
  13. Forensic Accountants
    Investigate suspected crimes within the field of finance. Accountant Detectives
  14. GAAP
    • Make sure financial statements are relevant, reliable, consistent, and comparable.
    • Legal authority rests with SEC and FASB
  15. Securities and Exchange Commission SEC
    federal agency regulates the various stock exchanges
  16. Financial Accounting Standards Board
    private, self regulating organization that establishes evaluates, and enforces the principles used in financial accounting.
  17. Accounting Process
    • Collect
    • record
    • classify
    • summarize
    • report
    • anaylze
  18. journal
    record book or part of a computer program containing the daily record of the firm's transactions
  19. double entry bookkeeping
    format for recording each journal entry
  20. trial balance
    book keeper does accuracy check
  21. Financial statements
    reports show where money came from and where is it now
  22. accounting equation
    assets=Liabilites + Owner's equity
  23. balance sheet
    shows how firm is doing by listing assets liabilities and owner's equity
Card Set:
BUS 200 Accounting and Stocks
2014-12-18 08:47:52
Show Answers: