books; equal to net realizable value minis a normal profit Foreign Legislation requiring any company that has publicly-traded stock 10 Corrupt maintain records that accurstely and faily represent the company’s, Practices transactions; additionally, requires any publicly-traded company to have an Act adequate system of internal accounting controls, (cP A) GAAS Auliting standards developed by the AICPA. (generally accepted auditing standards) genet accepted auditing standards (GaAs) Auditing standards developed by the AICPA. general The financial reports intended for use by a varity of external groups: they purpose include the balance she, the income statement, and the statement af cash financial flows statements goodwill; An intangible asset that exists when a business is valued at more than the fair market value of jis net assets, usually due to strategic location, reputation, good customer relations, or similar factors; equal to the excess ‘of the purchase price over the fair market value ofthe net assets purchased, ‘The taxable portion ofa taxpayer's gross receipts. account : An accounting recordin which the results of transactions are accumulated: shows increases, deereases, and a balance accounting A service activity designed to accumlate, measure, and communicate Financial information about economic calities for decision-making purposes accounting The hasie accounting assumptions, concepts, principles, and procedures that model: determine the manner of recording, measuring, and reporting an entity's accounting The sot of manual and computerized procedures and controls that provide system: for identifying relevant transactions or events; preparing accurate source documents, entering data ino the accounting records accurately, processing files properly, and generating transactionsaccurately. updating maste accurate documents and reports http://vustudents.ning.com 6 at is Scribd? m 62 A ome Books Audiobooks Documer