Accounting Flashcards
Q: What is accounting?
A: Systematic recording and reporting of financial transactions.
Q: How does accounting differ from bookkeeping?
A: Accounting includes analysis and reporting; bookkeeping is daily recording.
Q: Who uses financial information?
A: Clients, employees, government, investors, lenders, suppliers, management, public.
Q: What are the fields of accounting?
A: Financial accounting and management accounting.
Q: What are the qualitative characteristics of financial info?
A: Relevance, faithful representation, comparability, verifiability, timeliness, understandability.
Q: What are the elements of financial statements?
A: Assets, liabilities, equity, income, expenses.
Q: What are the measurement bases in accounting?
A: Historical cost, fair value, value in use, current cost.
Q: What is the purpose of financial statements?
A: To provide information for decision-making about financial position, performance, and changes.
Q: What is accounting?
A: Systematic recording and reporting of financial transactions.
Q: How does accounting differ from bookkeeping?
A: Accounting includes analysis and reporting; bookkeeping is daily recording.
Q: Who uses financial information?
A: Clients, employees, government, investors, lenders, suppliers, management, public.
Q: What are the fields of accounting?
A: Financial accounting and management accounting.
Q: What are the qualitative characteristics of financial info?
A: Relevance, faithful representation, comparability, verifiability, timeliness, understandability.
Q: What are the elements of financial statements?
A: Assets, liabilities, equity, income, expenses.
Q: What are the measurement bases in accounting?
A: Historical cost, fair value, value in use, current cost.
Q: What is the purpose of financial statements?
A: To provide information for decision-making about financial position, performance, and changes.
