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8 Cards in this Set
- Front
- Back
Definition of accounting (elements) |
1) Information recording of business transactions 2) Summary statements 3) Stakeholders / users |
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How many sets of books |
1) Financial accounting 2) Tax accounting 3) Managerial accounting |
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Securities and Exchange Commission reporting requirements |
1) 10K - Annual report 2) 10Q - Quarterly report 3) 8K - Current report (All accounts must be filled in accordance with GAAP - Generally Accepted Accounting Principles)
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Accounting standards |
1) GAAP 2) IFRS |
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Who makes the rules - US GAAP |
1) US Congress 2) SEC 3) FASB - Financial Accounting Standards Board 3.1) EITF - Emerging Issue Task Force 3.2) AICPA - American Institute of CPA |
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Who makes the rules - IFRS |
IFRS - International Financial Reporting Standards - IASB (UK) |
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Who is responsible for financial reporting |
1) Management 2) SEC and other regulators 3) Information intermediaries |
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What are the required financial statements (US) |
1) Balance sheet 2) Income Statement 3) Statement of Cash Flows 4) Statement of Stockholders' Equity |