Chapitre 7 Flashcards
What accounting means?
Is the process of recording, analysing and summarising business and financial transactions.
What are the role of the accounting department?
- Payroll Management
- Record keeping
- Budgetary responsibilities
- Financial reporting
- Customer service
What the different accounting that exist ?
Public accounting : covers an array of services, include preparing and issuing public financial reports, offering financial planning and consulting services, preparing tax returns
4 types of public accounting: financial accounting, tax accounting, external auditing, forensic accounting
Management Accounting: support business and help them to make good business decisions.
government Accounting: Any type of accounting used to keep and examine accounting records of government institutions and to audit private firms
Internal Auditing: is to supply independent and objective view points to an organisation finances (fraud theft)
What are the principles of accounting ?
business entity principle
money measurement principle
dual aspect principle
matching principle
accounting year principle
profit realisation principle
going concern principle
consistency principle
