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Questions and Answers
What is accounting?
The process of keeping financial records, measuring, interpreting and analyzing results to make informed judgments and decisions.
What is the main purpose of bookkeeping?
The systematic recording of the day-to-day transactions of a business.
What are the main purposes of accounting?
To calculate whether or not a business has made a profit or a loss, determine the value of assets and liabilities, and provide financial records of the business.
Who are the internal users of accounting?
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What are the factors that affect the ethics of accounting?
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What is the primary goal of calculating profit or loss in accounting?
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Who are the external users of accounting information?
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What is the primary difference between accounting and bookkeeping?
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What is the role of culture in affecting the ethics of accounting?
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What is the relationship between accounting and decision-making?
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