Use LEFT and RIGHT arrow keys to navigate between flashcards;
Use UP and DOWN arrow keys to flip the card;
H to show hint;
A reads text to speech;
10 Cards in this Set
- Front
- Back
|
Purpose of Accounting |
To provide financial information to assist decision-making. |
|
|
Accounting |
The collection and recording of financial data,and the reporting, analysis and interpreting of financial information. |
|
|
Financial Data |
Raw facts and figures upon which financial information is based |
|
|
Financial Information |
Financial data that has been sorted, classifiedand summarized into a more useable and understandable from. |
|
|
Stage 1 of the accounting process |
Collecting source documents |
|
|
Source Documents |
Paper or electronic documentsthat provide both the evidence that a transaction has occurred and the detailsof the transaction itself. |
|
|
Types of source documents |
Receipts,cheque butts, invoices, and memos. |
|
|
Stage 2 of the accounting process |
Recording |
|
|
Recording |
Sorting, classifying andsummarizing the data contained in the source document so that it is moreuseable. |
|
|
Types of Accounting Records |
Journals, ledgers and stock cards. |
