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Accounts

QuestionAnswer
Business Transaction A business activity that result in an economic exchange between a business entity and another entity
Accounting The process of identifying, recording and communicating economic and financial information
Bookkeeping recording of transactions and events either manually or electronically
Branches of Accounting Financial, Management, Auditing, Taxation, Financial Management
Financial Accounting Accounting process that ends with the preparation of final accounts and is to be given to users (external use)
Management Accounting to provide managers more information for stock valuation and to determine cost of products (internal use)
Auditing examination of accounts to determine whether the accounts is credible
Taxation computing the amount of tax payable by business entities and individuals
Financial Management setting financial objectives, making plans to obtain the finance needed and safeguarding all the financial resources
External Users Banks/Lenders, Shareholders/Investors, Government/Inland Revenue Board, Suppliers, Customers
Internal Users Manages, Employees/Labour Unions
Characteristics of Accounting Relevance, Reliability, Comparability, Consistency, Understandability
Predictive Value helps users forecast future events
Feedback Value confirms or corrects prior expectations
Timeliness information must be available to decision males before it loses its capacity to influences their decisions
Verifiable the information should be free of error and bias
Faithful Representation information dependable in representing the events that it purports to represent
Neutrality the information should be accurate
Accounting Concepts Separate Economic Entity/Dual Aspect, Monetary Unit, Going Concern, Time Period
Separate Economic Entity / Dual Aspect transaction for business us separately recorded from transaction for personal use
Monetary Unit only record transactions that are given in money
Going Concern the business is assumed to continue in the future
Time Period accounts has to be recorded at regular and consistent intervals
Accounting Principles Historical Cost, Revenue Recognition/Prudence, Full Disclosure
Historical Cost long-term assets are recorded at buying price
Revenue Recognition / Prudence revenue is recognised when money is earned and not when money is received
Full Disclosure Principle have to disclose all info in your accounts
Accounting Constraints Materiality Concept
Materiality Concept gives room for error and differs from company to company
Created by: narrthine
 

 



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