What is accounting?
Art
What is accounting?
This is operating primarily to generate profit.
What is an economic entity?
This group needs financial information to help them make decisions on what to do with their investments.
What are stockholders?
These fields in accounting have emerged as a result of economic, industrial, and technological developments in business.
What are specialized fields?
These accountants are working in accounting firms or individually to provide audit and attestation, tax planning and preparation, and advisory services to their clients.
What are public accountants?
Science
What is a body of knowledge?
Provide information to different users.
What is the ultimate purpose of accounting?
This group whether owners or hired, regularly face economic decisions. As they are entrusted with the responsibility of operating the business or a part of the business.
What are managers?
This involves recording and classifying business transactions, and preparing and presenting financial statements to be used by internal and external users.
What is Financial Accounting?
These accountants use accounting information to help this entity plan, budget, forecast, and allocate government funds.
What are Government accountants?
Recording, Classifying, Summarizing and interpreting
What are the 4 phases of accounting?
A separately identifiable organization that makes use of resources to achieve its goals and objectives.
What is an economic entity?
This group is interested in the company’s ability to pay liabilities upon maturity (solvency).
What are lenders?
This field of accounting focuses on providing information for use by internal users, the management.
What is Managerial or management accounting?
This type of accounting is also known as practice in commerce and industry.
What is private accounting?
Financial statements for users
What does accounting produce?
This refers to the entity's ability to pay obligations when they become due.
What is solvency?
This group is interested in an entity's financial information for taxation and regulatory purposes.
What is the Government?
This refers to the examination of financial statements by an independent party with the purpose of expressing an opinion as to fairness of presentation and compliance with GAAP.
What is external auditing?
A Chief Financial Officer (CFO) works in this area of accounting?
What is private accounting?
This pertains to its ability to meet short-term obligations.
What is liquidity?
This group uses accounting information in making decisions related to the company's operations. This group is not involved in the operations of the company but hold some financial interest.
What are internal and external users?
This involves the development, installation, implementation, and monitoring of accounting procedures and systems used in the accounting process.
What are Accounting information systems (AIS)?
This entity allows new accountants to start as accounting or audit staff and work their way up to the junior accountant, senior accountant, supervisor, manager, and partner positions.
What is a CPA firm?