Branches of Accounting Flashcards
(17 cards)
Financial Accounting?
Preparing financial reports
Management Accounting?
analysis and interpretations + suggestions of the data
Government accounting?
Provide expertise on national financing
Auditing?
- Internal auditing: evaluate governance and management of information
- External auditing: evaluate financial statements to make sure it conforms to gaap and express opinions
Tax Accounting?
Experts on Taxes
Cost Accounting?
experts on expenses and decreasing cost
What are the classifications of accounting?
Public, Private, government, education
Internal users?
management of the business
External users?
make decisions based on the company’s financial info
-investors
-customers
-government
-the public
-lenders
-suppliers
Employees
assess the company’s profitability + future salary and job security
Management
determine activities, leadership, organization
Owners
determine profit, assets and liabilities
provide capital for the business
add or decrease investments
Potential investor
decides whether to invest in a business
Lenders/ crediters
determine the ability of borrowers to be on time in paying loans
Suppliers
determine the ability of a enterprise to sell
Public
determine the activity of the enterprise
Government Agencies
tax, permit to operate
