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5 terms

Accounting 206

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Accounting
The information system that identifies, records, and communicates the economic events of an organization to interested users
Annual Report
A report prepared by corporate management that presents financial information including financial statements, notes, a management discussion and analysis section, and an independent auditor's report
Assets
Resources owned by a business.
Auditors report
a report prepared by an independent outside auditor stating the auditors opinion as to the fairness of the presentation of the financial position and results of operations and their conformance with generally accepted accounting standards.
Balance Sheet
A financial statement that reports the assets and claims to those assets at a specific point in time