| A | B |
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| Accounting | A system for providing quantitative, financial information about economic entities that is useful for making sound economic decisions. |
| Accounting Cycle | The procedure for analyzing, recording, summarizing, and reporting the transactions of a business. |
| Accounting System | The procedures and processes used by a business to analyze transactions, handle routine bookkeeping tasks, and structure information so it can be used to evaluate the performance and health of the business. |
| American Institute of Certified Public Accountants (AICPA) | The national organization of CPAs in the U.S. |
| Annual Report | A document that summarizes the results of operations and financial status of a company for the past year and outlines plans for the future. |
| Business | An organization operated with the objective of making a profit from the sale of goods or services. |
| Certified Public Accountant (CPA) | A special designation given to an accountant who has passed a national uniform examination and has met other certifying requirements. |
| Financial Accounting | The area of accounting concerned with reporting financial information to interested external parties. |
| Financial Accounting Standards Board (FASB) | The private organization responsible for establishing the standards for financial accounting and reporting in the U.S. |
| Financial Statements | Reports such as the balance sheet, income statement, and statement of cash flows, which summarize the financial status and results of operations of a business entity. |
| Generally Accepted Accounting Principles (GAAP) | Authoritative guidelines that define accounting practice at a particular time. |
| Internal Revenue Service (IRS) | A government agency that prescribes the rules and regulations that govern the collection of tax revenues in the U.S. |
| International Accounting Standards Board (IASB) | The committee formed in 1973 to develop worldwide accounting standards. |
| Management Accounting | The area of accounting concerned with providing internal financial reports to assist management in making decisions. |
| Nonprofit Organization | An entity without a profit objective, oriented toward providing services efficiently and effectively. |
| Securities and Exchange Commission (SEC) | The government body responsible for regulating the financial reporting practices of most publicly owned corporations in connection with the buying and selling of stocks and bonds. |
