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