Chapter 25, Accounting concepts Flashcards
1
Q
Financial Accounting
A
concentrates on the assets profits and levels of cash within the business
2
Q
Managment accounting
A
concentrates on the internal financial support allowing the business to evaluate it performance
3
Q
Principles of Accounting
A
- Consistency
- Going concern
- Matching
- Materiality
- Objectivity
- Prudence
- realisation