Accounting Abbreviations d. Legislation requiring CEOs and CFOs to swear that any reports they…

Accounting Abbreviations

d.    Legislation requiring CEOs and CFOs to swear that any reports they file with the SEC are accurate and complete

e.     Show how well a company is meeting the goals of profitability and liquidity

f.     Collectively, the people who have overall responsibility for operating a business and meeting its goals

g.    People who commit money to earn a financial return

h.    The interconnected subsystems that provide the information needed to run a business

i.      The most important body for developing and issuing rules on accounting practice, called Statements of Financial Accounting Standards

j.      An agency set up by Congress to protect the public by regulating the issuing, buying, and selling of stocks

k.    Economic events that affect a business’s financial position

l.      People or businesses to whom money is due




e14A. Identify the accounting meaning of each of the following abbreviations: CPA, IRS, PCAOB, GAAP, FASB, SEC, GASB, IASB, IMA, and AICPA.

  ethics and Accounting

e15A. BUsiness appliCation ▶ Match the descriptions that follow with the appropri- ate terms.

1.     Responsible for the ethical prepara- tion of financial statements

2.     Preparation of financial statements that mislead the public

3.     Underlies both management’s and accountants’ actions in preparing financial statements

4.     A law related to regulation of finan- cial reporting of public companies and their auditors following the Enron scandal

5.     Has overall responsibility for ensuring that financial reports are not false or misleading

a.    Accountants

b.    Ethics

c.    Fraudulent financial reporting

d.   Management

e.    Sarbanes-Oxley Act