Chapter 25, Accounting concepts Flashcards

1
Q

Financial Accounting

A

concentrates on the assets profits and levels of cash within the business

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2
Q

Managment accounting

A

concentrates on the internal financial support allowing the business to evaluate it performance

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3
Q

Principles of Accounting

A
  • Consistency
  • Going concern
  • Matching
  • Materiality
  • Objectivity
  • Prudence
  • realisation
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