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1.Accountingisaninformationandmeasurementsystemthatidentifies,records,andcommunicatesrelevant,reliable,andcomparableinformationaboutanorganization'sbusinessactivities.2.Bookkeepingistherecordingoftransactionsandeventsandisonlypartofaccounting.3.Anaccountinginformationsystemcommunicatesdatatohelpbusinessesmakebetterdecisions.4.Managerialaccountingistheareaofaccountingthatprovidesinternalreportstoassistthedecisionmakingneedsofinternalusers.5.Internaloperatingactivitiesincluderesearchanddevelopment,distribution,andhumanresources.6.Theprimaryobjectiveoffinancialaccountingistoprovidegeneralpurposefinancialstatementstohelpexternalusersanalyzeandinterpretanorganization'sactivities.7.Externalauditorsexaminefinancialstatementstoverifythattheyarepreparedaccordingtogenerallyacceptedaccountingprinciples.8.Externalusersincludelenders,shareholders,customers,andregulators.9.Regulatorsoftenhavelegalauthorityovercertainactivitiesoforganizations.10.Internalusersincludelenders,shareholders,brokersandmanagers.11.Opportunitiesinaccountingincludeauditing,consulting,marketresearch,andtaxplanning.12.Identifyingtheproperethicalpathiseasy.13.TheSarbanes-OxleyAct(SOX)requireseachissuerofsecuritiestodisclosewhetherishasadoptedacodeofethicsforitsseniorfinancialofficersandthecontentsofthatcode.14.Thefraudtriangleassertsthattherearethreefactorsthatmustexistforapersontocommitfraud;thesefactorsareopportunity,pressure,andrationalization.15.TheSarbanes-OxleyAct(SOX)doesnotrequirepubliccompaniestoapplybothaccountingoversightandstringentinternalcontrols.16.Apartnershipisabusinessownedbytwoormorepeople.17.Ownersofacorporationarecalledshareholdersorstockholders.18.Inthepartnershipformofbusiness,theownersarecalledstockholders.19.Thebalancesheetshowsacompany’snetincomeorlossduetoearningsactivitiesoveraperiodoftime.20.TheFinancialAccountingStandardsBoardistheprivategroupthatsetsbothbroadandspecificaccountingprinciples.21.Thebusinessentityprinciplemeansthatabusinesswillcontinueoperatingforanindefiniteperiodoftime.22.Generallyacceptedaccountingprinciplesarethebasicassumptions,concepts,andguidelinesforpreparingfinancialstatements.23.Thebusinessentityassumptionmeansthatabusinessisaccountedforseparatelyfromotherbusinessentities,includingitsownerorowners.24.Asageneralrule,revenuesshouldnotberecognizedintheaccountingrecordsuntilitisreceivedincash.25.Specificaccountingprinciplesarebasicassumptions,concepts,andguidelinesforpreparingfinancialstatementsandariseoutoflong-usedaccountingpractice.26.Generalaccountingprinciplesarisefromlong-usedaccountingpractices.27.Asoleproprietorshipisabusinessownedbyoneormorepersons.28.Unlimitedliabilityisanadvantageofasoleproprietorship.29.Understandinggenerallyacceptedaccountingprinciplesisnotnecessarytouseandinterpretfinancialstatements.30.TheInternationalAccountingStandardsboard(IASB)hastheauthoritytoimposeitsstandardsoncompaniesaroundtheworld.31.Objectivitymeansthatfinancialinformationissupportedbyindependentunbiasedevidence.32.Theideathatabusinesswillcontinuetooperateinsteadofbeingclosedorsoldunderliesthegoing-concernassumption.33.Accordingtothecostprinciple,itispreferableformanagerstoreportanestimateofanasset'svalue.34.Themonetaryunitassumptionmeansthatallinternationaltransactionsmustbeexpressedindollars.35.TheInternationalAccountingStandardsBoard(IASB)isthegovernmentgroupthatestablishesreportingrequirementsforcompaniesthatissuestocktothepublic.36.Alimitedliabilitycompanyoffersthelimitedliabilityofapartnershiporproprietorshipandthetaxtreatmentofacorporation.37.TheSecuritiesandExchangeCommission(SEC)isagovernmentagencythathaslegalauthoritytoestablishGAAP.38.Thethreecommonformsofbusinessownershipincludesoleproprietorship,partnership,andnon-profit.39.Thethreemajortypesofbusinessactivitiesareoperating,financing,andinvesting.40.Planningisdefininganorganization'sideas,goals,andactions.41.Strategicmanagementistheprocessofdeterminingtherightmixofoperatingactivitiesforthetypeoforganization,itsplans,anditsmarkets.42.Planningactivitiesarethemeansanorganizationusestopayforresourceslikeland,buildings,andequipmenttocarryoutitsplans.43.Investingactivitiesaretheacquiringanddisposingofresourcesthatanorganizationusestoacquireandsellitsproductsorservices.44.Ownerfinancingreferstoresourcescontributedbycreditorsorlenders.45.Revenuesareincreasesinequityfromacompany'searningactivities.46.Anetlossoccurswhenrevenuesexceedexpenses.47.Netincomeoccurswhenrevenuesexceedexpenses.48.Liabilitiesaretheowner'sclaimonassets.49.Assetsaretheresourcesofacompanyandareexpectedtoyieldfuturebenefits.50.Owner’swithdrawalsareexpenses.51.Theaccountingequationcanberestatedas:Assets-Equity=Liabilities.52.Theaccountingequationimpliesthat:Assets+Liabilities=Equity.53.Owner'sinvestmentsareincreasesinequityfromacompany'searningsactivities.54.Everybusinesstransactionleavestheaccountingequationinbalance.55.Anexternaltransactionisanexchangeofvaluewithinanorganization.56.Fromanaccountingperspective,aneventisahappeningthataffectstheaccountingequation,butcannotbemeasured.57.O