accounting

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Author:
mdf
ID:
291914
Filename:
accounting
Updated:
2014-12-19 06:49:07
Tags:
accounting
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Description:
accounting
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  1. accounting
    A service activity whose “function is to provide quantitative information, primarily financial in nature, about economic entities that is intended to be useful in making economic decisions—in making reasoned choices among alternative courses of action” 
  2. accounting periods
    The time intervals used for financial reporting; due to the need for timely information, the life of a business or other entity is divided into specific accounting periods for external reporting purposes. One year is the normal reporting period, although most large U.S. companies also provide quarterly statements.
  3. Accounting Principles Board (APB)
    A board of the AICPA that issued Opinions establishing accounting standards during the period 1959–1973.
  4. Accounting Standards Update
    The official statements of the FASB that govern external financial reporting.

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