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GFOB Ch 13 Vocab Quiz

Terms in this set (13)

The claims of a firms creditors are a
liability
A statement of a firms financial position on a particular date
balance sheet
The accounting method that records revenues and expenses when they occur is called
accrual accounting
The owners initial investment in the business plus profits that were not paid out to owners over time in the form of cash dividends
owners equity
A = L +E
Accounting equation
A federal law that prohibits U.S. citizens and companies from bribing foreign officials to win or continue business
Foreign Corruption Practices Act
Financial record of a company's revenues, expenses, and profits over a specific period of time is called the
income statement
Demonstrates accounting knowledge by meeting state requirements for education, and performing accounting theory tests
Certified Public Accountant
Regulations and interpretations adopted by the International Accounting Standards Board
International financial reporting standards
Anything of value owned or leased by a business
asset
Allow employees to view financial information so that they better understand how their work contributes to the companies success
Open book management
Evaluates the ability to generate revenues in excess of operating costs and other expenses
profitability ratio
Principals encompass the conventions, rules, and procedures for determining acceptable accounting practices at a particular time
GAAP
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