| A | B |
|---|
| Partnership | A business entity owned by two or more people. |
| Tax accounting | A service that involves tax compliance and tax planning. |
| Creditors | One to whom money is owed. |
| Auditing | The review of financial statements to assess their fairness and adherence to GAAP. |
| Financial statements | Periodic reports of a firm's financial position. |
| Auditor's report | An independent accountant's review of a firm's financial statements. |
| Entity | Anything having it's own separate identity. |
| Governmental accounting | Accounting work performed for federal, state, or local government unit. |
| Public corporation | A corporation whose stock is exchanged on the stock market. |
| Social entity | A nonprofit organization. |
| Stock | Certificates that represent ownership of a corporation. |
| Managerial accounting | Accounting work carried on by an accountant employed by a single business in industry. |
| Public accountants | Members of firms that perform accounting services for other companies. |
| Closely held corporations | A corporation whose stock is NOT exchanged on the stock market. |
| Sole proprietorship | A business entity owned by one person. |
| GAAP | Accounting standards developed and applied by professional accountants. |
