Ethics & Trends in Accounting Flashcards

Ethics & Trends in Accounting Flashcards
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Sarbanes-Oxley Act (SOX)
An act passed after the Enron scandal. It focuses on companies that are publicly traded and requires them to have internal controls.
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Internal Controls
Internal procedures set up by a business to make sure work is done accurately, effectively and in order. These procedures are the best way to stop intentional and unintentional business losses.
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Financial Accounting Standards Board (FASB)
This board works to ensure the accounting industry stays in compliance with all applicable laws. It set up the Generally Accepted Accounting Principles (GAAP) as guidelines.
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Cost Accounting Trends: Just-in-Time Inventory
Businesses use this type of inventory when they only acquire materials when they need them, instead of keeping supplies stored in inventory. This reduces storage overhead.
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Cost Accounting Standard (COS) 401
You follow this cost accounting standard by utilizing identical practices when you accumulate, report and estimate costs.
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Cost Accounting Standard (COS) 402
This standard tells us that costs can only be assigned to a single objective. It defines direct and indirect costs and attempts to stop double-dipping.
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Cost Accounting Standards Board (CASB)
This board is used to direct the use of cost accountancy by government agencies.
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14 cards in set

Flashcard Content Overview

You can access the flashcards included in this set to review the role of the Cost Accounting Standards Board (CASB) and the International Accounting Standards Board (IASB). The Generally Accepted Accounting Principles (GAAP) are also discussed by these cards, along with various cost accounting standards and the Sarbanes-Oxley Act (SOX). Additionally, these cards cover trends in cost accounting, including just-in-time inventory, predicative cost accounting and behavior management.

Front
Back
Cost Accounting Standards Board (CASB)
This board is used to direct the use of cost accountancy by government agencies.
Cost Accounting Standard (COS) 402
This standard tells us that costs can only be assigned to a single objective. It defines direct and indirect costs and attempts to stop double-dipping.
Cost Accounting Standard (COS) 401
You follow this cost accounting standard by utilizing identical practices when you accumulate, report and estimate costs.
Cost Accounting Trends: Just-in-Time Inventory
Businesses use this type of inventory when they only acquire materials when they need them, instead of keeping supplies stored in inventory. This reduces storage overhead.
Financial Accounting Standards Board (FASB)
This board works to ensure the accounting industry stays in compliance with all applicable laws. It set up the Generally Accepted Accounting Principles (GAAP) as guidelines.
Internal Controls
Internal procedures set up by a business to make sure work is done accurately, effectively and in order. These procedures are the best way to stop intentional and unintentional business losses.
Sarbanes-Oxley Act (SOX)
An act passed after the Enron scandal. It focuses on companies that are publicly traded and requires them to have internal controls.
Generally Accepted Accounting Principles (GAAP)
Principles that regulate the standards used by accountants in the United States.
International Accounting Standards Board (IASB)
This board sets up accounting standards that are used by multiple countries, including Canada, Japan and Australia.
Cost Accounting Trends: Behavior Management Techniques
Skills used to keep employees engaged and motivated in accounting. These techniques can be used to assess employee skills.
Cost Accounting Trends: Business Analytics
This trend involves keeping track of current trends and focusing on making decisions quickly in the accounting world.
Cost Accounting Trends: Predictive Cost Accounting
You look at the costs associated with a business's working environment when using this type of cost accounting.
Social Responsibility
The responsibility of a company to factor in the needs of the world when making business decisions. Companies concerned with the planet and people demonstrate this.
Sarbanes-Oxley Act (SOX): Top Executives
These individuals are required to check the accuracy of the information contained in their companies' financial statements by the Sarbanes-Oxley Act.

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