Nature Of Accounting L1 Flashcards
1
Q
The process of recording, classifying, summarizing, andinterpretingfinancial transactions and events.
A
Accounting
2
Q
follows a structured approach to manage financial data.
A
Systematic process
3
Q
, it records financial transactions in monetary terms.
A
Quantitative data
4
Q
often described as both an art and a science.
A
Art and science
5
Q
collects, processes, and communicates financial data to stakeholders
A
Information system
6
Q
provide relevant financial information that aids stakeholders in making informed economic decisions
A
Decision making tool
7
Q
ensuring compliance with laws and regulations
A
Compliance and accountability
8
Q
an entity’s profitability, liquidity, solvency, and efficiency over specific periods.
A
Assessment of financial performance
