Chapter 1 - Purpose of Accounting Flashcards
1
Q
What is the purpose of Accounting?
A
to provide financial information and advice to assist decision-making
2
Q
What is the definition of the Accounting Process?
A
the process used to generate financial information from financial data leading to the provision of advice to assist decision making
3
Q
What are the four stages of the accounting process?
A
Source Documents to Records to Reports to Advice
