Introduction Flashcards
(8 cards)
1
Q
Bookkeeping
A
The preservation of a systematic, quantitative record of an activity
2
Q
Accounting
A
A system of providing numerical information financial in nature that is intended to be useful in making decisions
3
Q
Balance Sheet
A
Reports assets, liabilities, and equity
4
Q
Income Statement
A
Reports net income during a period of time, measures economic performance of a company
5
Q
Net Income
A
Revenues - Expenses
6
Q
Statement of Cash Flows
A
Reports the amount of cash collected and paid out by a company through operating, investing, and financing
7
Q
Managerial Accounting
A
Internal decision making
8
Q
Financial Accounting
A
For external users like investors and lenders
