Financial Statement

A financial statement is used to convey the economic activites of a corporation and its effect on the companies economic standing. Examples of such are a balance sheet, income statement, statment o

Financial Reporting

Financial reporting uses financial statements to report economic standing of a company PUBLICLY. It is used to; assist a potential investor in making rational investments and credit decisions, asse

FASB

Financial Accounting Standards Board

GAAP

Generally Accepted Accounting Principles

AICPA

American Institute of Certified Public Accountants

CAP

Committe on Accounting Procedure

expetations gap

what the public thinks accountants should do and what accountants think they can do