Accounting As A Profession Flashcards
1
Q
What is bookkeeping?
A
The recording of financial information, particularly transactions, in a systematic way
2
Q
The selecting, classifying and summarizing of financial data in ways that provide the owners of businesses (and others) with useful information to help them assess performance and plan future activities is called…
A
Accounting
3
Q
Who are stakeholders?
A
Individuals and organizations that have an interest in how a business performs
4
Q
Give examples of internal stakeholders
A
Owners
Managers
Employees
5
Q
Give examples of external stakeholders
A
Customers Suppliers Bank Potential investors Government and tax authorities Competitors Local community
6
Q
What is a business?
A
An organization that supplies goods and services in exchange for money or sometimes for items of equal value to make a profit.
7
Q
Name 4 types of businesses.
A
- Sole trader
- Limited liability
- Partnership
- Corporatives
