Bookkeeping and Accounting Flashcards
What is the first step in bookkeeping?
Data is recorded.
What is the second step in bookkeeping?
Data is classified.
What is the third step in bookkeeping?
Data is summarised.
What is the fourth step in bookkeeping?
Data is verified.
What is bookkeeping primarily concerned with?
The collection, capturing, and verifying of transactional information.
What is the first step in accounting?
Information is transferred.
What is the second step in accounting?
Information is analysed.
What is the third step in accounting?
Information is interpreted.
What are financial statements used for in accounting?
Meaningful decision making for the business.
Fill in the blank: The four steps of bookkeeping are recording, ________, summarising, and verifying.
classifying.
True or False: Accounting involves drafting reports from the information collected in bookkeeping.
True.
