A party trained in bookkeeping and finance practices. They make annual reports, statements, make decisions, plan, and advise on tax and investments. Refer to accounting.

A clause that protects a clients privacy between client and accountant.

The person who oversees the accounting audit.

An accountant who has been negligent, fraudulant, broke laws, or does not employ the GAAP.

When an owed party can take property to settle debt.

An accountants job to be careful with funds, follow rules and standards, and show a fair view of the position.

An account who works for nonprofits and public welfare organizations.

A list of books and articles in an area of interest for an accountant.

Insurance for accounts to cover liability issues in court.

The knowledge of transaction records, financial records, audits, reporting to management, and tax matters. A process of revealing loss and profit for a period of time. It shows firm resources, […]

Compensation given to high ranking officials determined by their contributions.

Changing methods, estimates, or power voters. It is disclosed in notes in financial statements.

The accounting rules governing financial statement preparation . Once a method is chosen is should be used throughout. The four main concepts are accruals, consistency, going, and prudence. Refer to […]

A highly scrutinized analysis of loss and revenue. This conservative method prevents loss and increases profit. The reports that result are used to make important decisions.

The ways a company control their accounting practices. The goal is to follow rules and procedures, protect the company, and provide timely reports.

Procedures in an organization that protect assets, manage transactions, ensure accuracy, and monitor payments. This all ensures the validity of a companies accounting records . Refer to segregation of duties […]

The value of resources that are used to complete an activity. Refer to economic cost.

The currency a company uses for its transactions.

When liability is overreported to protect against windfall later. It creates a soft landing if the actual loss is more than was expected.

The six steps of accounting transactions. Analysis, recording, posting, adjusting, preparing statements, and closing accounts that are temporary.

The original documents that illustrate a transaction has occured.

The amount earned for the year by a company.

A unit in economics that engages in activities, controls resources, and is not part of the company. AKA reporting entity.

An equation that uses assets, liabilities, and owners equity to calculate profit earned by an entity.

Error caused by neglicence or not following the GAAP. This is an error that is anything but fraud.