Chapter 15:The Role of Accountants and Accounting Information
Chapter 15:The Role of Accountants and Accounting Information GEB 2011
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This 5 page One Day of Notes was uploaded by Kellen Notetaker on Monday December 8, 2014. The One Day of Notes belongs to GEB 2011 at Florida International University taught by Roomes in 2014. Since its upload, it has received 53 views. For similar materials see Introduction to Business in Business at Florida International University.
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Date Created: 12/08/14
0 Systematic examination of a company39s accounting system to determine whether its nancial reports reliably represent its operations Generally Accepted Accounting Principles GAAP 0 Accounting guidelines that govern the content and form of nancial reports Tax Services 0 Assistance provided by CPA s for tax preparation and tax planning Management Advisory Services 0 Assistance provided by CPA rms in areas such as nancial planning information systems design and other areas of concern for client rms Core Competencies for Accounting 0 The combination of skills technology and knowledge that will be necessary for the future CPA 73pes of Accountants 0 O O 0 Private Salaried accountant hired by a business to carry out its dayto day nancial activities Management private accountant who provides nancial services to support managers in various business activities within a rm Certi ed Management Accountant CMA professional designation awarded by the Institute of Management Accountants IMA in recognition of management accounting qua ca ons Forensic the practice of accounting for legal purposes Certi ed Fraud Examiner CFE professional designation administered by the Association of Certi ed Fraud Examiners in recognition of quali cations for a specialty area within forensic accoun ng Assets Liabilities Owner39s Equity Used by accountants to balance out data for the rm s nancial transactions at various points on the year gt Assets any economic resource expected to bene t a rm or an individual who owns it land buildings equipment inventories etc gt Liability debt that a rm awes to an outside party gt Owner39s Equity amount of money that owners would receive if they sold all of a company39s assets and paid all of its liabilities Financial Statements report summarizing a company39s nancial status o Balance Sheets 0 Financial statement that supplies detailed information about a rm s assets liabilities and owner39s equity Assets o Current Asset can or will be converted into cash within a year o Fixed Asset with long term use or value land buildings equipment o Intangible Asset nonphysical asset that has economic value in the form of expected bene t patent or trademark Liabilities o Current Liability debt that must be paid within one year o Long term Liability debt that is not due for at least one year oAccounts Payable Payables current liability consisting of bills owed to suppliers Liquidity ease with which an asset can be converted into cash Depreciation accounting method for distributing the cost of an asset over its useful life Retained Earning earnings retained by the rm for its use rather than paid out as dividends Goodwill amount paid for an existing business above the value of its other assets o Income Statements Pro t or loss Revenues Expenses Lists a rm s annual revenues and expenses so that a bottom line shows annual pro tloss Revenues funds that ow into the business from the sale of goods or services Cost of Goods Sold cost od obtaining materials for making the products sold by the rm during the year Operating Expenses costs in producing a good or service not including cost of revenues Gross Pro t rm s revenues cost of revenues direct cost of getting the revenues Operating Income gross pro t operating expenses Net IncomePro tEarnings gross pro t operating expenses income taxes o Statements of Cash Flows o International Accounting Standards Board IASB organization responsible for developing a set of global accounting standards and for gaining implementation of those standards
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