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11 Cards in this Set

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  • Back
Purpose of Accounting
Purpose of accounting is to provide financial info about a business to individuals and organizations
Describe the accounting process
The six major steps of the accounting process are Analyzing, Recording, Classifying, Summarizing, Reporting and Interpreting, ((Alfred,Record th Class Smarties to Report Idiots)
GAAP
Generally Accepted Acounting Principles
FASB
Financial Accounting Standards Board
Define GAAP and describe the process used by FASB to develop these principles
GAAP are the rules that businesses must follow when preparing financial statements. FASB takes the following steps to develop an accounting standard:
1.Issue placed before Board
2. RESEARCH?Discussion
3. Public hearings
4. Draft proposal for comment
5. Standard is issued
3 Types of business ownership structures
3 types of business ownership structures are:
Sole proprietorship
partnership
corporation
Classify different types of business by activity
different types of business classified by activities are:
A service business
A merchandise business
A manufacturing business
Identify career opportunities In accounting
career opportunities In accounting include:
work in public accounting
private accounting
government and no-for-profit accounting
Main Functions of an accounting clerk
Records, Sorts and files accounting info
Name and describe 3 areas of specialization for public accounts
Auditing
Tax advice/service Management advisory service
6 areas of specialization for a managerial accountant
accouting info systems (Info system)
Financial Accounting
Cost Accounting
Budgeting
Tax Accounting
Internal Auditing