Lecture Notes for ACIS 1504 - Intro to Bus Analytics & BI at Virginia Tech (VT)

Notes Information

Material Type:Class Note
Class:ACIS 1504 - Intro to Bus Analytics & BI
Subject:Accounting & Information Systems
University:Virginia Polytechnic Institute And State University
Term:Spring 2008
  • Cash Payments
  • Independent Agency
  • Issued Stock
  • Financial Accounting Standards Board (fasb)
  • Public Corporation
  • Decrease Cash
  • Declaration Date
  • Freight Costs
  • Date of Payment
  • Common Stockholders
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Auditors- Primary responsibility is to express an opinion regarding whether the financial statement conforms to GAAP. Financial Audit is a detailed examination of a company’s financial statements and the supporting documents. Auditor must be independent of the company they audit. Information Risk & Assurance- assurance- external auditors, internal auditors checking information, internal controls Business Models- know general principle Accounting Governing Bodies• GAAP (Generally Accepted Accounting Principles)- A widely accepted set of rules, conventions, standards, and procedures for reporting financial information, as established by the Financial Accounting Standards Board. • FASB (Financial Accounting Standards Board) - Independent agency which establishes GAAP. Writes rules for GAAP. SEC (Securities and Exchange Commission)- The primary federal regulatory agency for the securities industry, whose responsibility is to promote full disclosure and to protect investors against fraudulent and manipula...

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