Introduction to accounting Flashcards
1
Q
what is accounting?
A
classifying, recording, summarizing and analyzing of financial information
2
Q
what is the purpose of accounting?
A
to provide information for decision making
3
Q
why study accounting?
A
On the job
- easier to find a job in a business with an understanding of accounting
In daily life
- handling your personal business affairs, like budgeting, keeping records, doing your taxes
Owning own business
- tasks like banking, keeping track of money you owe, keeping track of money owed to you
4
Q
how to have a successful business?
A
the owner must be able to make decisions based on good financial records.
