| Term | Definition |
|---|
| bookkeeping | the preservation of a systematic, quantitative record of an activitity |
| accounting system | the procedures and processes used by a business to analyze transactions, handle routine bookkeeping tasks, and structure information so it can be used to evaluate the performance and health of the business |
| accounting | a system for providing quantitative, financial information about economic entities that is useful for making sound economic decisions. Accounting is often called the "language of business" becuase it provides the means of recording and communicating business activities and the results of those activities |
| business | an organization operated with the objective of making a profit from the sale of goods or services |
| nonprofit organization | an entity without a profit objective, oriented toward providing services efficiently and effectively |
| accounting cycle | the procedure for analyzing recording classifying, summarizing, and reporting the transactions of a business |
| management accounting | the area of accounting concerned with providing interesting financial reports to assist management in making decisions |
| annual reports | a document that summarizes the results of operations and financial status of a company for the past year and outlines plans for the future |
| financial statements | reports such as teh balance sheet, income statement, and statement of cash flows which summarize the financial status and results of operations of a business entity |
| financial accounting | the area of accounting concerned with reporting financial information to interested external parties |
| Financial Accounting Standards Board (FASB) | the private organization responsibile for establishing the standards for financial accounting and reporting in the United States |
| generally accepted accounting principles (GAAP) | authorize guidelines that define accounting practice at a particular time |
| Securities and Exchange (SEC) | the government body responsible for regulating the financial reporting practices of most publicly owned corporations in connection with the buying and selling of stocks and bonds |
| certified public accountant (CPA) | A special designation given to an accountant who has passed a national uniform examination and has met other certifying requirements |
| American Institute of Certified Public Accountants (AICPA) | The national organization of CPAs in the United States |
| Internal Revenue Service (IRS) | A government agency that prescribes the rules and regulations that govern the collection of tax revenues in the United States |
| Internal Accounting Standards Board (IASB) | The committee formed in 1973 to develop worldwide accounting standards |
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