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"Accounting Careers: The Possibilities are Endless
Terms in this set (35)
the ability to do something well; expertise.
the regard that something is held to deserve; the importance, worth, or usefulness of something.
the way in which a person or group lives.
the combination of characteristics or qualities that form an individual's distinctive character.
personal interest tests
that taxpayers pay on personal and consumer loans. ... Personal interest that is received by the lender is usually reported on a cash basis.
connect as or operate with a network.
a person whose job is to keep or inspect financial accounts.
a person who records transactions in billing, purchasing, payroll, accounts payable or accounts receivable,
A for-profit organization may be formed to conduct any number of lawful business activities.
type of organization that does not earn profits for its owners
public accounting firm
The services provided by public accounting firms will vary by the size and the expertise of the firm.
an official inspection of an individual's or organization's accounts, typically by an independent body.
certified public accountant
an accounting professional who has passed the Uniform CPA examination and has also met additional state certification and experience requirements.
free enterprise system
a type of economy where products, prices, and services are determined by the market, not the government.
a financial gain, especially the difference between the amount earned and the amount spent in buying, operating, or producing something.
the fact or process of losing something or someone.
a person who organizes and operates a business or businesses, taking on greater than normal financial risks in order to do so.
the most important city or town of a country or region, usually its seat of government and administrative center.
service business provides intangible products, such as accounting, banking, consulting, cleaning, landscaping, education, insurance, treatment, and transportation services.
It is a business that purchases finished products and resells them to consumers.
manufacturing business is any business that uses components, parts or raw materials to make a finished good.
A business that legally has no separate existence from its owner.
the state of being a partner or partners.
a company or group of people authorized to act as a single entity (legally a person) and recognized as such in law.
a written grant by a country's legislative or sovereign power, by which an institution such as a company, college, or city is created and its rights and privileges defined.
An accounting information system is a system of collecting, storing and processing financial and accounting data that are used by decision makers.
manual accounting system
a manual accounting system, keeping their financial records by hand.
an accounting information system that processes the financial transactions and events as per Generally Accepted Accounting Principles (GAAP) to produce reports as per user requirements.
generally accepted accounting principles) is a collection of commonly-followed accounting rules and standards for financial reporting.
Financial statements (or financial report) is a formal record of the financial activities and position of a business, person, or other entity.
a specialized branch of accounting that keeps track of a company's financial transactions.
the provision of financial data and advice to a company for use in the organization and development of its business.
an organization created by one or more natural persons to carry on a trade or business.
a set of financial statements.
a basic underlying assumption in accounting
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