Accounting 1 - Chapter 1 & 2 Vocab

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An organization that operates for purposes other than profit

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not-for-profit organization

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Business providing various accounting services, including independent audits.

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public accounting firm

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Review of a company's accounting systems and financial statements for compliance with GAAP

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audit

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An accountant who has met education and experience requirements and passed a national test.

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Certified Public Accountant (CPA)

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Collects, documents, and reports on financial transactions affecting a business.

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accounting system

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Accounting info processed by hand

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manual accounting system

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Accounting info processed by recording into a computer

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computerized accounting system

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Rules for preparing financial reports

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GAAP (generally accepted accounting principles)

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Documents summarizing a business's financial status

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financial reports

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Type of accounting focusing on external reporting

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financial accounting