4 stages in accounting....1. recording 2.classifying...3.summarizing...4.interpreting
Responsibility,Empowerment, Accountability
O
D, f, r
Journal EntriesLedger AccountsAdjusting EntriesTrial BalanceFinancial Statements
4 stages in accounting....1. recording 2.classifying...3.summarizing...4.interpreting
Responsibility,Empowerment, Accountability
O
O
O
D, f, r
Journal EntriesLedger AccountsAdjusting EntriesTrial BalanceFinancial Statements
C, o, u, e
direct costs,indirect costs,sunk costs, Activity based costing.
The main stages in the accounting process are, financial accounting and management accounting. Financial accounting is mainly concerned on classifying, measuring and recording the economics transactions of an entity in accordance with established principles, legal requirements and accounting standards. It is primarly concerned with communicating a true and fair view of the financial performance and financial position of an entity to external parties. Management accounting focus on the internal users, mainly concerened on collecting, analysing and interpreting qualitative and financial information. it is primarly concerned with communicating information to management for planning, controlling and decision making.
accrued expenditures unpaid "U"
Define 'Accounting' Distinguish between Financial Accounting and Management Accounting