KOSSA Review Questions with Complete Solutions Graded A+

KOSSA Review Questions with Complete Solutions Graded A+ accounting information system that identifies, records, and communicates the economic events of an organization annual report report prepared by corporate management that presents financial information and an independent auditor's report Assets Resources owned by a business Auditor's report A report prepared by an independent outside auditor stating the auditor's opinion as to the fairness of the presentation of the financial position and results of operations and their conformance with generally accepted accounting standards. Balance sheet A financial statement that reports the assets and claims to those assets at a specific point in time. Basic accounting equation Assets = Liabilities + Stockholders' Equity. Certified Public Accountant (CPA) An individual who has met certain criteria and is thus allowed to perform audits of corporations.