Terms Flashcards
1
Q
Balance sheet
A
list of resources and obligations
2
Q
Income statement
A
how much money does the business make?
3
Q
Financial accounting:
A
is the gathering, reporting, and analysis of information primarily for the benefit of EXTERNAL USERS such as investors and creditors
4
Q
Managerial Accounting:
A
is the gathering and analysis of information for the purpose of INTERNAL DECISION MAKING
5
Q
Name the two primary areas of accounting
A
Financial and managerial
