The check of business accounting records in order to give an opinion on whether the financial statements present the business fairly.
Certified Public Accountants
(CPA) Accountants licensed by the state as professional independent verifiers of business financial statements.
Financial Accounting Standards Board
(FASB) The organization of accountants that has the responsibility of creating accounting rules.
The accounting principle that requires accountants to resolve financial statement uncertainty in the least favorable way.
The accounting principle that requires that financial statements be based on the assumption that the business will last indefinitely.
Historical Cost Principle
The accounting principle that requires assets to be reported on balance sheets at their historical cost.
The accounting principle that requires business transactions to be recorded using the best objective evidence.