FINANCIAL ACCT Word Scramble
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Question | Answer |
ACCOUNTING | Measures financial aspects of a business Communicates this information to decision makers Facilitates answering questions about resource allocation. |
Financial Accounting | Focused on the needs of external users |
Managerial Accounting | Focused on the needs of internal users |
Measurement Rules | Accountants establish measurement and reporting rules that businesses use to facilitate communication. Generally Accepted Accounting Principles |
Reporting entities | particular individuals or organizations where reports are disclosed (financial activities) |
Accounting Equation | Assets = Claims Assets = Liabilities + Equity |
Asset | something of value Ex: Cash, Land, Buildings Resources controlled by a business |
Liability | something owed (creditors’ share of the assets) |
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