| A | B |
|---|
| Accounting | The process by which financial information about a business is recorded, classified, summarized, interpreted, and communicated to owners, managers, and other interested parties. |
| Financial statements | Periodic reports of the firms financial position or operating results. |
| Auditing | The review of financial statements to assess their fairness and adherence to the generally accepted accounting principles. |
| CPA | An independent accountant who provides accounting services to the public for a fee. |
| Creditor | One to whom money is owed |
| Entity | Anything having its own separate identity. |
| GAAP | Accounting standards developed and applied by professional accountants. |
| Partnership | A business entity owned by two or more people who are legally responsible for the debts and taxes of the business. |
| Social Entity | A nonprofit organization, such as a city, public school, or public hospital/ |
| Sole proprietorship | A business entity owned by one person who is legally responsible for the debts and taxes of the business. |
| Auditors report | An independent accountant's review of a firm's financial statements. |
| Governmental Accounting | Accounting work performed for a federal, state, or local government. |
