Introduction to Accounting
This field records, summarizes, and reports financial information.
What is Accounting?
Assets must equal liabilities plus this.
What is Equity?
This component tracks goods available for sale.
What is Inventory?
The earliest accounting method relied on paper records.
What is Manual Accounting?
SD stands for this business function.
What is Sales & Distribution?
Accounting helps users make these types of decisions.
What are financial decisions?
The basic accounting equation begins with this element.
What are Assets?
This component records money customers owe the business.
What is Accounts Receivable?
This accounting method uses software to process transactions.
What is Automated Accounting?
MM stands for this business function.
What is Material Management?
Accounting is often called the language of this.
What is business?
Money owed to outsiders is called this.
What are Liabilities?
This component records money the business owes suppliers.
What is Accounts Payable?
This system connects multiple business functions together.
What is Integrated AIS?
FI stands for this module.
What is Financial Accounting?
Financial transactions are recorded in these.
What are accounting records?
This equation provides the framework for recording economic events.
What is the Basic Accounting Equation?
This component manages long-term assets such as machinery and buildings.
What are Fixed Assets?
Accounting evolved from manual to automated and finally to this.
What is Integrated Accounting?
HCM stands for this module.
What is Human Capital Management?
The main purpose of accounting information is to support this.
What is decision-making?
Assets = Liabilities + ____
What is Equity?
This is considered the central record-keeping component of accounting.
What is the General Ledger?
AIS stands for this.
What is Accounting Information System?
PPE stands for this module.
What is Production Planning & Execution?