Intermediate Acct. Ch. 1

Card Set Information

Author:
bugsbunny2255
ID:
5100
Filename:
Intermediate Acct. Ch. 1
Updated:
2010-02-03 21:57:28
Tags:
Jones
Folders:

Description:
Chapter 1
Show Answers:

Home > Flashcards > Print Preview

The flashcards below were created by user bugsbunny2255 on FreezingBlue Flashcards. What would you like to do?


  1. An online, real-time database that provides easy access to the Codification, through a topically organized structure, subdivided into topics, subtopics, sections, and paragraphs, using a numerical index system.
    Financial Accounting Standards Board Codification Research System (CRS)
  2. Statements issued by the FASB that modify or extend existing starndards. Interpretations have the same authority as standards for purposes of determining GAAP.
    Interpretations
  3. The official pronouncement of the Accounting Principles Board, intended to be based mainly in research studies and be supported by reasons and analysis. Between its inception in 1959 and its dissolution in 1973, the APB issued 31 opinions.
    APB Opinions
  4. To provide information that is (1) useful in investment and credit decisions, (2) useful in assessing cash flow prospects, and (3) about company resources, claims to those resources, and changes in them.
    Objectives of financial reporting
  5. The Study Group on Establishment on Accounting Principles, chaired by Francis Wheat, that examined the organization and operation of the Accounting Principles Board and determined the changes needed to attain better productivity.
    Wheat Committee
  6. A series of statements by the FASB that set forth fundamental objectives and concepts that the Board uses in developing future standards of financial accounting and reporting.
    Statement of Financial Accounting Concepts
  7. Four main statements of a financial statement?
    • The balance sheet
    • The income statement
    • The statement of cash flows
    • The statement of owners' or stockholders' equity.
  8. Legislation, enacted by the U.S. Congress, intended to combat accounting fraud, curb poor reporting practices, and make sweeping changes to the institutional structure of the accounting profession.
    Sarbanes-Oxley Act of 2002
  9. Group created in 1984 by the FASB to reach a consensus on how to account for new and unusual financial transactions that might create differing financial reporting practices.
    Emerging Issues Task Force (EITF)
  10. An online, real-time database that provides easy access to the Codification, through a topically organized structure, subdivided into topics, subtopics, sections, and paragraphs, using a numerical index system.
    Financial Accounting Standards Board Codification Research System (CRS)
  11. The difference between what the public thinks accountants should do and what accountants think they can do.
    Expectations gap
  12. Statements issued by the FASB that modify or extend existing standards.
    Interpretations
  13. The accounting process that culminates in the preparation of financial reports for use by both internal and external parties.
    Financial accounting
  14. Developed by the FASB, it provides in one place all the authoritative literature related to particular topic.
    Financial Accounting Standards Board COdification (Codification)
  15. Accounting approach, in which a company records events that change its financial statements in the periods in which the events occur, rather than only in the periods in which it receives or pays cash.
    Accrual-basis accounting
  16. The objectives of financial reporting?
    • Provides information that is useful in investment and credit decisions.
    • Useful in assessing cash flow prospects.
    • Company resources, claims to those resources, and changes in them.
  17. Federal agency established to help develop and standardize financial information presented to stockholders.
    Securities and Exchange Commission (SEC)
  18. The Governmental Accounting Standards Board's main purpose is to develop standards for?
    state and local government.
  19. Which of the following publications does not qualify as a statement of generally accepted accounting principles?
    Accounting research studies issued by the AICPA.
  20. The purpose of the International Accounting Standards Board is to?
    Promote uniform accounting standards among countries of the world.
  21. The information provided by financial reporting pertains to?
    Individual business enterprises, rather than to industries or an economy as a whole or to members of society as consumers.

What would you like to do?

Home > Flashcards > Print Preview