AJAX progress indicator
  • accounting
    A set of concepts and techniques that are used to measure and report financial information about an economic unit
  • accounting equation
    A financial relationship at the heart of the accounting model: Assets = Liabilities + Owners' Equity
  • assets
    The economic resources owned by an entity; entailing probable future benefits to the entity
  • auditing
    The examination of transactions and systems that underlie an organization's financial statements with the goal or reporting thereon
  • balance sheet
    A financial statement that presents a firm's assets, liabilities, and owners' equity at a particular point in time
  • certified public accountant
    An individual who is licensed by a state to practice public accounting
  • corporation
    A form of business organization where ownership is represented by divisible units called shares of stock
  • CPA
    An individual who is licensed by a state to practice public accounting
  • dividends
    Amounts paid from profits of a corporation to shareholders as a return on their investment in the stock of the entity
  • expenses
    The costs incurred in producing revenues
  • financial accounting
    An area of accounting that deals with external reporting to parties outside the firm; usually based on standardized rules and procedures
  • Financial Accounting Standards Board
    An organization charged with producing standards for financial reporting in the USA
  • financial statements
    Core financial reports that are prepared to represent the financial position and results of operations of a company
  • historical cost principle
    The concept that many transactions and events are to be measured and reported at acquisition cost
  • income statement
    A financial statement that summarizes the revenues, expenses, and results of operations for a specified period of time
  • internal auditor
    A person within an organization who reviews and monitors the controls, procedures, and information of the organization
  • International Accounting Standards Board
    An organization charged with producing accounting standards with global acceptance
  • liabilities
    Amounts owed by an entity to others
  • managerial accounting
    An area of accounting concerned with reporting results to managers and others who are internal to an organization
  • net income
    The excess of revenues over expenses for a designated period of time
  • net loss
    The excess of expenses over revenues for a designated period of time
  • owner investments
    Resources provided to an organization by a person in exchange for a position of ownership in the organization
  • owners' equity
    The residual of assets minus liabilities, representing the collective interest or position of the entity's owners
  • partnership
    A non-corporation representing an association of two or more persons organized to carry out a business plan for a profit motive
  • public accounting
    Accounting activities provided by a person to the general public, typically relating to audit, tax and similar services
  • retained earnings
    The excess of a corporation's income over its dividends
  • revenue
    Inflows and other benefits received in exchange for the providing of goods and services
  • sole proprietorship
    A non-corporation business owned by a sole individual
  • statement of retained earnings
    A financial statement that discloses changes in retained earnings during a designated period of time; those changes usually attributable to income and dividends