test 1 Flashcards
(31 cards)
World wild life fund
non profit organisation, to save endangered species
skills
activity that u do well
accountant
handles broad range of responsibilities, makes business decisions, prepares and interprets financial reports
for profit business
purpose: earn money from owners
exp. most businesses in US
non profit organisation
purpose: balancing income with expenses rather than earning profit
accounting clerk
entry level job performing one or two accounting tasks
CPA
certified public accountant
- passes national test and meets specified experience and education
public accounting
provided accounting services to their clients
- accounting: give an opinion on a company’s financial report to see whether they give true and fair view of company’s financial situation
- tax: assist business, individuals, and organisations with tax strategies, planning
- consulting: management, assist in special transaction
BIG FOUR
- Pricewaterhouse coopers
- Deloitte and Touche
- Ernst and Young
- KPMG
auditing
review of financial statements to confirm that they follow generally accepted accounting principles
-examining company’s accuracy of record and looking for errors or possible fraud
accounting
involves recording and summarising an organisation’s transactions or business deals (exp. purchase and sales), and reporting them in the form of financial statements
bookkeeping
day to day recording of transactions
financial accounting
bookkeeping, preparing financial statements for shareholders, and creditors ( people who have lent money to a company)
management accounting
use of accounting data by managers for making plans and decisions
internal audit
carried out by company’s own accountant
external audit
done by independent auditors: not employees of the company
creative accounting
recording transactions and values in a way that produces false result
CIA
certified internal auditor
CFO
chief financial officer
companies funded by shareholders
Britain and US
COMPANIES FUNDED BY BANKS
EUROPE
accounting rules established by gov. agency
US
accounting rules established by independent organisation
Britain
accounting rules set up by gov.
Europe and Japan
