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Side A ------ Side B
Accounting ------ The information system that identifies, records, and communicates the economic events of an organization to interested users.
Assets ------ Resources a business owns.
Balance Sheet ------ Financial statement that reports the assets, liabilities, and owner's equity at a specific date.
Accounting Equation ------ Assets = Liabilities + Stockholder's Equity
Bookkeeping ------ A part of accounting that involves only the recording of economic events
Common Stock ------ The total amount paid in by stockholders for the shares they purchase.
Corporation ------ A separate legal entity, organized under corporate law, having ownership divided into transferable shares of stock.
Cost Principle ------ An accounting principle that states that companies should record assets at their cost.
Dividend ------ A distribution by a corporation to its stockholders on a pro rata or equal basis.
Economic Entity Assumption ------ Requires that the activities of an entity be kept separate and distinct from the activities of its owners and all other entities.
Ethics ------ The standards of conduct by which one's actions are judged right or wrong, honest or dishonest, fair or not fair.
Exenses ------ The cost of assets consumed or services used in the process of earning revenue.
Fair Value Principle ------ An accounting principle that states that companies  should record their assets at fair value.
Faithful representation ------ Numbers and descriptions of financial information match what really existed or happened.
Financial Accounting ------ The field of accounting that provides economic and financial information for investors, creditors, and other external users.
FASB ------ Financial Accounting Standards Board. A private organization that establishes generally accepted accounting principles.
Income Statement ------ A financial statement that presents the revenues and expenses and resulting net income or net loss of a company for a specific period of time.
IASB ------ International Accounting Standards Board. An accounting standard-setting body that issues standards adopted by many countries outside the United States.
Liabilities ------ Creditor claims on total assets.
Monetary Unit Assumption ------ An assumption stating that companies include in the accounting records only transaction data that can be expressed in terms of money.
Net Income ------ The amount by which revenues exceed expenses.
Net Loss ------ The amount by which expenses exceed revenues.
Partnership ------ A business owned by two or more persons associated as partners.
Proprietorship ------ A business owned by one person.
PCAOB ------ Public Company Accounting Oversight Board (Peekaboo)
It determines auditing standards and reviews auditing firms.
Relevance ------ It means that financial information is capable of making a difference in a decision.
Retained Earnings Statement ------ A financial statement  that summarizes the changes in retained earnings for a specific period of time.
Revenues ------ The gross increase in stockholder's equity resulting from business activities entered into for the purpose of earning income.
Sarbanes-Oxley Act of 2002 (SOX) ------ Law passed by Congress in 2002 intended to reduce unethical corporate behavior.
SEC ------ Securities and Exchange Commission. A governmental agency that requires companies to file financial reports in accordance with generally accepted accounting principles (GAAP).
Statement of Cash Flows ------ A financial statement that summarizes information about the cash inflows (receipts) and cash outflows (payments) for a specific period of time.
Stockholder's Equity ------ The ownership claim on a corporation's total assets.
Transactions ------ The economic events of a business that are recorded by accountants.

Side A ------ Side B
Accounting ------ The information system that identifies, records, and communicates the economic events of an organization to interested users.
Assets ------ Resources a business owns.
Balance Sheet ------ Financial statement that reports the assets, liabilities, and owner's equity at a specific date.
Accounting Equation ------ Assets = Liabilities + Stockholder's Equity
Bookkeeping ------ A part of accounting that involves only the recording of economic events
Common Stock ------ The total amount paid in by stockholders for the shares they purchase.
Corporation ------ A separate legal entity, organized under corporate law, having ownership divided into transferable shares of stock.
Cost Principle ------ An accounting principle that states that companies should record assets at their cost.
Dividend ------ A distribution by a corporation to its stockholders on a pro rata or equal basis.
Economic Entity Assumption ------ Requires that the activities of an entity be kept separate and distinct from the activities of its owners and all other entities.
Ethics ------ The standards of conduct by which one's actions are judged right or wrong, honest or dishonest, fair or not fair.
Exenses ------ The cost of assets consumed or services used in the process of earning revenue.
Fair Value Principle ------ An accounting principle that states that companies  should record their assets at fair value.
Faithful representation ------ Numbers and descriptions of financial information match what really existed or happened.
Financial Accounting ------ The field of accounting that provides economic and financial information for investors, creditors, and other external users.
FASB ------ Financial Accounting Standards Board. A private organization that establishes generally accepted accounting principles.
Income Statement ------ A financial statement that presents the revenues and expenses and resulting net income or net loss of a company for a specific period of time.
IASB ------ International Accounting Standards Board. An accounting standard-setting body that issues standards adopted by many countries outside the United States.
Liabilities ------ Creditor claims on total assets.
Monetary Unit Assumption ------ An assumption stating that companies include in the accounting records only transaction data that can be expressed in terms of money.
Net Income ------ The amount by which revenues exceed expenses.
Net Loss ------ The amount by which expenses exceed revenues.
Partnership ------ A business owned by two or more persons associated as partners.
Proprietorship ------ A business owned by one person.
PCAOB ------ Public Company Accounting Oversight Board (Peekaboo)
It determines auditing standards and reviews auditing firms.
Relevance ------ It means that financial information is capable of making a difference in a decision.
Retained Earnings Statement ------ A financial statement  that summarizes the changes in retained earnings for a specific period of time.
Revenues ------ The gross increase in stockholder's equity resulting from business activities entered into for the purpose of earning income.
Sarbanes-Oxley Act of 2002 (SOX) ------ Law passed by Congress in 2002 intended to reduce unethical corporate behavior.
SEC ------ Securities and Exchange Commission. A governmental agency that requires companies to file financial reports in accordance with generally accepted accounting principles (GAAP).
Statement of Cash Flows ------ A financial statement that summarizes information about the cash inflows (receipts) and cash outflows (payments) for a specific period of time.
Stockholder's Equity ------ The ownership claim on a corporation's total assets.
Transactions ------ The economic events of a business that are recorded by accountants.