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the recording of transactions and events audit analysis and report of an organizations accounting system, its records, and its reports using various tests auditors Trained individuals hired to review financial reports and informational systems. common stock

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the recording of transactions and events

audit

analysis and report of an organizations accounting system, its records, and its reports using various tests

auditors

Trained individuals hired to review financial reports and informational systems.

common stock

Corporation’s basic ownership share; also generically called capital stock.

conceptual framework

establishes the concepts that underlie financial reporting fpr external users

contributed capital

Total amount of cash and other assets received from stockholders in exchange for stock; also called paid-in capital.

corporation

Business that is a separate legal entity under state or federal laws with owners called shareholders or stockholders.

cost principle

Accounting principle that prescribes financial statement information to be based on actual costs incurred in business transactions.

dividends

Corporation’s distributions of assets to its owners.

ethics

codes of conduct by which actions are judged as right and wrong, fair or unfair, honest or dishonest

events

Happenings that both affect an organization’s financial position and can be reliably measured.

expanded accounting equation

Assets = Liabilities + Common Stock + Revenues – Expenses – Dividends
non corporation- equity= owners capital- owners withdraw+revenue- expenses
corporation equity= contributed capital+retained earnings+revenue- expenses- dividends

expenses

Outflows or using up of assets as part of operations of a business to generate sales.

external transactions

Exchanges of economic value between one entity and another entity.

financial accounting

the area of accounting aimed at serving external users by providing them with general-purpose financial statements

internal transactions

Activities within an organization that can affect the accounting equation.

International Financial Reporting Standards (IFRS)

 
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