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VYC1 Chapter 1

Accounting
The process by which financial information about a business is recorded, classified, summarized, interpreted, and communicated to owners, managers, and other interested parties
accounting system
A process designed to accumulate, classify, and summarize financial data
auditing
The review of financial statements to assess their fairness and adherence to generally accepted accounting principles
auditor’s report
An independent accountant’s review of a firm’s financial statements
certified public accountant (CPA)
An independent accountant who provides accounting services to the public for a fee
corporation
A publicly or privately owned business entity that is separate from its owners and has a legal right to own property and do business in its own name; stockholders are not responsible for the debts or taxes of the business
creditor
One to whom money is owed
discussion memorandum
An explanation of a topic under consideration by the Financial Accounting Standards Board
economic entity
A business or organization whose major purpose is to produce a profit for its owners
entity
Anything having its own separate identity, such as an individual, a town, a university, or a business
exposure draft
A proposed solution to a problem being considered by the Financial Accounting Standards Board
financial statements
Periodic reports of a firm’s financial position or operating results
generally accepted accounting principles (GAAP)
Accounting standards developed and applied by professional accountants
governmental accounting
Accounting work performed for a federal, state, or local governmental unit
international accounting
The study of accounting principles used by different countries
management advisory services
Services designed to help clients improve their information systems or their business performance
managerial accounting
Accounting work carried on by an accountant employed by a single business in industry
partnership
A business entity owned by two or more people who are legally responsible for the debts and taxes of the business
public accountants
Members of firms that perform accounting services for other companies
separate entity assumption
The concept of keeping a firm’s financial records separate from the owner’s personal financial records
social entity
A nonprofit organization, such as a city, public school, or public hospital
sole proprietorship
A business entity owned by one person who is legally responsible for the debts and taxes of the business
Statements of Financial Accounting Standards
Accounting principles established by the Financial Accounting Standards Board
Stock
Certificates that represent ownership of a corporation
stockholders
The owners of a corporation; also called shareholders
tax accounting
A service that involves Tax planning and compliance

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