Week 1 (introduction to accounting) Flashcards
(4 cards)
1
Q
Accounting
A
Accounting involves identifying, measuring, recording and communicating information to users to users to help make decisions
2
Q
Financial accounting
A
- external users
- past focused
- 6-12 monthly
3
Q
Managment accounting
A
- internal users
- present and future
- As required
- Uses any information
4
Q
Reporting entity
A
- is an entity that is required or chosen to prepare financial statements
- Like the business
