Accounting - ANSWERSprocess of retrieving, recording, storing and summarizing financial transactions
for a business
Bookkeeping - ANSWERSprocess of recording daily business transactions; only one part of the
accounting process
Manual Accounting System - ANSWERSmaintaining accounting records...
Accounting Questions & Answers Corrrect!!
Accounting - ANSWERSprocess of retrieving, recording, storing and summarizing
financial transactions
for a business
Bookkeeping - ANSWERSprocess of recording daily business transactions; only one
part of the
accounting process
Manual Accounting System - ANSWERSmaintaining accounting records by hand
Computer Accounting System - ANSWERSmaintaining accounting records with the help
of computer software
Stakeholder - ANSWERSperson who has an interest in a company
Profit - ANSWERSamount earned is greater than the amount spent
Loss - ANSWERSamount earned is less than amount spent; a loss occurs when there
is no profit
Creditor - ANSWERSperson or company which lends money to another person or
company
Financial Accounting - ANSWERSform of accounting which produces information for
external use through
financial statements
Management Accounting - ANSWERSproduces information mainly for
company/management use
Tax Accounting - ANSWERSaccounting method used to record tax transactions
Financial Reporting - ANSWERSprocess of using information gathered from financial
transactions and records
Generally Accepted Accounting Principles (GAAP) - ANSWERScommon set of
accounting rules and procedures; needed in accounting to
maintain accuracy and consistency of financial reports
Cost Principle - ANSWERSactual cost of an item needs to be stated, not its current
value
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