Identifying Flashcards
Identifies the accountable events and the non-accountable events
Identifying
Affect the asset, liabilities, equity, income, and expenses of a business entity
Accountable events
It recognizes the accountable events
Recording
What process is set to identify accountable events
Journalizing
After journalizing, it classifies the effects of the event on the account
Posting
The basic storage of information in accounting
Accounts
The accountant summarises the information process to produce meaningful reports
Communicating
Is a process with the basic purpose of providing information about economic activities intended to be useful in making economic decisions
Accounting
Information expressed in numbers, quantities, and units
Quantitative Information
The information is expressed in words or descriptive form
Qualitative Information
The information expressed in moned
Financial Information
As a _, accounting is a body of knowledge that has been systemically gathered, classified, and organized
Social Science
As a _, accounting requires creative judgment and skills
Practical art
Is one consist of an input, a process, and an output
System
It normally ends with the preparation of the trial balance
Bookkeeping
