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Chapter 14

Accounting

QuestionAnswer
What is accounting? The process of collecting, recording, classifying, summarizing. reporting. and analyzing financial actives
Why is accounting important in business? It helps track income, expenses, assets, and liabilities for decision-making
What does accounting provide a framework for? Understanding a company's financial condition
What are financial reports? Documents that show financial performance, like income statements and balance sheets
What is managerial accounting? Internal financial information used by managers for decision-making
What is financial accounting? External financial reporting for investors, creditors, and outsiders
What are GAAP? Standard accounting rules used in the U.S. for consistency and accuracy
What is FASB? The organization that sets accounting standards in the U.S.
What is an annual report? A yearly document showing a company's financial performance
What are three main financial statements? Balance sheet, income statement, statement of cash flows
Created by: user-2038428
 

 



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