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What do accountants do?
Accountants identify, record, analyze, and communicate information about the economic events that affect organizations (p. 4)
What are the two broad areas of accounting?
Public and private (p. 4)
What does CPA stand for?
Certified Public Accountant (p. 4)
Must all public accountants be certified?
No (p. 4)
Certification requirements applicable in specific states are determined by whom?
State governments (p. 4)
To report (p. 5)
When a transaction is recognized is not important as long as two criteria are met. What are they?
The rule the decision is based on is disclosed and that rule is applied consistently to all transactions. (p. 5)
Content from Survey of Accounting, 2nd edition by Edmonds, Olds, McNair, and Tsay. (2010).