Financial Accounting

list the 4 types of fraud for which businesses must also be on the lookout for – understated liabilities
understated expenses
overstated revenue
overstated assets
board of directors – Group elected by the stockholders to set policy for a corporation and to appoint its officers.
Internal Controls – Policies that allow managers to control and monitor business activities such as company policies, accounting procedures, and physical safeguards to protect assets.
special endorsement: an endorsement indicating a new owner of a check – special endorsement: an endorsement indicating a new owner of a check
Financial Accounting – the preparation of financial statements for decision makers, such as stockholders, suppliers, banks, employees.
-External users
Liabilities – are what a company owes it non-owners (creditors) in future payments, products or services.
expense – a decrease in owner's equity resulting from the operation of a business
promissary note – Legally documented with a
Electronic funds transfer – A computerized cash payments system that uses electronic impulses to transfer funds
capital expenditures – cost of adding PPE for more THAN ONE accounting period
*long-term benefits to a company
Which of the following statements regarding the epidermis is not true?
Revenue – Inflows of assets as a result of having sold products (sales) or provided services to a customer
Capital – the account used to summarize the owner's equity in a business
A business or organization whose major purpose is to produce a profit for its owners. – economic entity
Trademark – Is an exclusive legal right to use a special name, image, or slogan.
Journalizing – the process of recording business transactions in a journal.
Service company – Provides services
Which оf the fоllоwing stаtements regаrding the epidermis is not true?
international financial reporting standards (IFRS) – accounting standards, issued by the IASB, that have been adopted by many countries outside of the US

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