1. a Introduction to Accounting
Klausur am 17.10.
Klausur am 17.10.
Set of flashcards Details
| Flashcards | 93 |
|---|---|
| Language | English |
| Category | English |
| Level | University |
| Created / Updated | 14.09.2015 / 28.08.2021 |
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Definition of "retained earnings".
Net income kept by the company and used for reinvestment.
controller
The person in charge of a company's financial activities.
Which type of audit?
Conducting an opening meeting.
In Gernamy the supervisory board ............... the management board.
Definition "continuing operations"
Those parts of a company's business which are expected to continue in the future (not one time events).
Which type of activity?
Collecting audit evidence through gathering information, observations and interviews, and sampling.
Definition "comprehensive income"
A company's change in equityfor a given period.
We were ............... the company accounts.
Definition "Scope"
extend of the audit
Definition "operating profit"
Operating revenue minus operating expenses.
As a start-up we ............... a grant from the government.
Definition "Criteria"
defined requirements
Definition "share capital"
Funds raised by the issue of shares.
Over the last few years ............... compliance has become a priority.
Definition "Timetable"
dates and places
Definition of "erroneous"
containing mistakes
The payroll clerk ................ that the timesheets have been signed.
Definition "Audit report"
overall assessment of compliance
Definition of "inconsitent"
The facts do not agree with each other
Definition "Regulatory review"
assessment of statutory instruments
What does GAAP mean?
Generally Accepted Accounting Principles
What does IFRS mean?
International Financial Reporting Standards
Definition of "discrepancy".
Two facts which should be the same, but are not.
What does IAS mean?
International Accounting Standards
Definition of "unexpected"
unforeseen
What does IASB mean?
International Accounting Standard Board
Definition of "disagreement".
A difference of opinion.
A firm that sells its shares on a stock exchange.
listed company
Defintition of "inaccurate"
Not exact or incorrect
The conventional way of doing something.
accepted practice
Definition of "unauthorized"
Without permission
An auditor...
The rules and regulations which govern how accountants operate in a particular place.
local accounting standards
An auditor...
People or groups that are not involved with the company.
outside parties
Definition "the matching principle".
The matching principle directs a company to report an expense on its income statement in the same period as the related revenues.
Definition "the going concern principle"
Assumes that, a company will continue to exist long enough to carry out its objectives and commitments and will not liquidate in the foreseeable future.
Definition "the prudence principle".
Do not overestimate the amount of revenues recognized or underestimate the amount of expenses. You should also be conservative in recording the amount of assets, and not underestimate liabilities.
Definition "the consistency principle".
Once you adopt an accounting principle or method, continue to follow it consistently in future accounting periods. Only change an accounting principle or method if the new version in some way improves reported financial results.
Money that is owed.
debt
