Exam (elaborations)
Accounting v. Bookkeeping Questions with correct Answers 2024
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Accounting v. Bookkeeping
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Accounting v. BookkeepingAccounting - answer The recording, measurement and interpretation of financial
information
Bookkeeping - answer Typically limited to the routine, day-to-day recording of business
transactions
Difference between accounting and bookkeeping - answer Bookkeeping is responsible
for obtaining and recording the information that accountants require to analyze a firm's
financial position
required credentials in public accounting - answer Work with a range of clients to
prepare financials documents that an individual or corporation is required to disclose to
the public
Responsible for checking the accuracy of corporate and personal records in order to
prepare tax filings
Public companies must follow the principles and rules set out in the IFRS
required credentials in private accounting - answer Deal with the financial information of
the specific company they work for - preparing or analyzing reports for an internal
manager
Private companies - must choose to follow either IFRS or ASPE
Assets - answerFirm's economic resources, or items of value that it owns
Liabilities - answerDebts that a firm owes to others
Owners equity - answerEquals assets minus liabilities and reflects historical values
IFRS - answerInternational Financial Reporting Standards
To make required reporting comparable across international jurisdictions
Creditors - answerA person or company to whom money is owed
Stakeholders - answerGroups that have a stake in the success and outcomes of a
business
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