ACC Chapter 1

FASB

financial accounting standards board

• sets accounting rules for public companies

GAAP

generally accepted accounting principles

• accounting rules

SEC

securities and exchange commission

• enforcer of public companies

  • makes sure companies follow rules and do no commit fraud

IRS

internal revenue service

enforce that we report our income and pay taxes

White collar crime

nonviolent financial offense committed by a business or organization for illegal monetary gain

CPA

• certified public accountant

• 4 year accounting degree

• 2 year exp

  • pass CPA exam

manufacturing companies

companies that make their products and sell their products

merchandising companies

companies that will buy goods and then resell them at a higher price

service companies

companies that preform a service