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accounting vocabulary definitions etc...

Explain the aim & power of accounting in the information age.The aim of accounting is to provide persons information about what businesses 1)own 2)what they owe and how they perform. Accounting helps people make better decisions including assessing opportunities, products, investments and social and community responcibilities.
Explain the relation between return and risk!!return(profit) comes from the idea of getting something back from an investment, or return on investment. This is often in ratio form as profit/amount invested (p divided by amt. invested) while RISK is the amount of uncertainty about the return we expect to earn. Guarantee of return/ risk of loss
profit (net income or earnings)the amount a business earns after subtracting all expenses related to its sales
sales (revenues)the amounts earned from selling products & services
expensesthe costs incurred with sales
what are PROFITS two major components???sales and expenses
a loss arises when??expenses are more than sales!
record keeping or bookkeeping is??the recording of financial transactions and events
GAAP is??Generally Accepted Accounting Principles
SEC is??Securities and Exchange Commission
FASB is??Financial Accounting Standards Board
AICPA is???The American Institute of Certified Public Accountants
The AICPA is the largest and????most influential national professional organization of CPA's and is very active in setting rules w/the FASB
Factors of Production are the???means businesses use to make profit. Land, labor, plant and equipment are the traditional Factors of Production!
Accounting is...???an information & measuring system that identifies, records & communicates relevant, reliable & comparable information about an organizations economic activities
Bonds are...?written promises by organizations to repay amounts loaned with interest. With different risks not necessarily guaranteed.
Higher risk implies...??higher risks, but more risky expected returns
We use accouinting information to measure both...?return and risk!!
The primary objective of accounting is...?To provide useful information for decision-making!
Accounting activities include....?Identifying & measuring, recording, reporting & analyzing economic events and transactions. Interpreting info. & designing info. systems to provide useful reports that moniter & control an organizations activities!
profit ='s????sales-expenses
Organizations can be classified as either??Businesses or non-businesses
Businesses are ???organized for profit
non-businesses serve us...?in ways not always measured by profit.
Partnership is..?a business that is owned by two or more people & is not organized as a corporation.
stockholders or shareholders are...?owners of a corporation.
stocks or shares are....???equity of a corporation divided into units
assets are...?economic resourses that are expected to produce future benefits!
risk is...?The amount of uncertainty about the return to be earned
information age is....?a time period that emphasizes communication,data, news, facts, access, and commentary.
public accountants are...?accountants who provide their services to many different clients.
liabilities are..?creditors claims on an organization's assets.
CIA stands for...?Certified Internal Auditor
CMA stands for...?Certificate in Management Accounting
controller is the...?chief accounting officer of an organization
owner's equity is the...? owner's claim on an organizations assets

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