Accountacy entire book flashcards(grade11)

Pretty much every inch of the book covered

What is accounting?

a systematic process of recording, classifying, summarizing, analyzing and interpreting the financial transactions and communicating the results to users.

What is window dressing?

the manipulation of financial statements to present a more favorable view of a company's financial position than reality.

What is the last step of accounting?

communicating

What is the primary stage for accounting?

Book Keeping

Qualitative characteristics of Accounting Information

Reliability, Relevance, Understandability, Comparability

Who are Internal users?

users that have access to micro-information from the accounting records.

What is the other name of Single entry system?

Accounts from Incomplete records.

What are the types of Intangible assets?

Current assets and Fictitious assets.