Level 2
Level 1

Introduction to Accounting


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GAAP
generally accepted accounting principles
IFRS
international financial reporting standards
IAS
international accounting standards
IASC
international accounting standards committee
currently
(adv.) at this time
domestic
(adj.) within the country, not international
to govern
to control legally
provided
as long as
a reconciliation
an agreement or newfound compatibility made after a dispute
a publicly-traded company
a firm that sells its shares to anyone who wants to buy them
English-speaking countries
Australia, the UK, the US, South Africa, etc.
accepted practice
the way that most people do something
local accounting standards
the rules and regulations which state how accountants operate in a particular place
outside parties
people or groups who are not involved with the company
the matching principle
the principle concerning the timing of recognition of transactions in accounts
the going concern principle
the principle of assuming the enterprise will still be viable in the years to come
the prudence principle
the principle of acting pessimistically so that profits and assets are not overstated and expenses and liabilities are realistically valued
the consistency principle
the principle of using the same methods to produce accounts from year to year
to exclude
to leave out
an implication
something that should be understood naturally
legitimate
(adj.) justified by a rule or law
misleading
(adj.) confusing, makes one think something false
a debt
money that is owed
a lease
an agreement in which the owner of something allows someone else to use it for a specific time and price
gearing
the proportion of own capital to borrowed funds when buying an asset or financing a company
liabilities
the opposite of assets, a company's debts
a contract
an agreement between two or more parties, often written
a transaction
buying or selling something
a shareholder
someone who owns part of a company
CPA
Certified Public Accountant
AICPA
the American Institute of Certified Public Accountants
CA
Chartered Accountant
ICAEW
the Institute of Chartered Accountants in England and Wales