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Level 6

76-90


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ASB
the Accounting Standards Board
SEC
the Securities and Exchange Commision
equities
certificates representing units of ownership of a company
shares
certificate of ownership
money on paper
exists only in theory
bank deposit
money that ppl and org. have in bank acc.
operating expenses
exp. such as rent, taxes, etc.
net profit
profit earnings/companys' profits after taxes
annual accounts
statistic from one year period
standards
rules
true&fair view
financial statements must give correct & responsible picture of copm. current condition
ccreative accounting
recording transactions and values in a way that produces false result
external audit
done by independent auditor
internal audit
carried out ba a comp. own auditor
fraud
deception