Accounting objectives; basic terminology, ethics, technology
Not what you're looking for?
1. What are the primary objectives of accounting?
2. What is the basic terminology of the accounting process or financial reporting?
3. How does accounting affect your personal life emphasizing professional ethics?
4. How does technology play a role in small business accounting?
Wikipedia or any other open source websites are not permitted.
Please include APA in-text citations and references.
Purchase this Solution
Solution Summary
In a 900+ word solution, the concepts are fully explained and cited.
Solution Preview
1. What are the primary objectives of accounting?
The objectives of an accounting system are:
1. To record financial data in a format that can be used for comparability and for the compilation of financial statements that can provide accurate and reliable information to stakeholders of an entity.
2. To account for assets with the goal of controlling and safeguarding them by tracking and recording their book values. The corollary to this statement is to minimize or prevent fraud.
3. To provide detailed information which can be used for income tax, sales tax and other types of required reporting by governmental units.
4. To use the information in making business decisions for future operations.
The discussion about an accounting system differs from a discussion about the production of financial statements. Producing periodic financial statements is not an ongoing requirement in the same context as recording transactions. The concept of recording is the foundation or framework for the rest. It would not be possible to compile accurate financial statements without the underlying accounting records.
http://answers.yahoo.com/question/index?qid=20070616230544AATayCJ
http://e-articles.info/e/a/title/What-is-accounting-and-general-accounting-principles-and-functions/
2. What is the basic terminology of the accounting process or financial reporting?
The basic terminology in accounting involves having an understanding of the accounting equation of Assets = Liabilities + Equity. First, an understanding of asset, liability, equity, revenue and expense is critical to any higher level or ...
Purchase this Solution
Free BrainMass Quizzes
Writing Business Plans
This quiz will test your understanding of how to write good business plans, the usual components of a good plan, purposes, terms, and writing style tips.
Lean your Process
This quiz will help you understand the basic concepts of Lean.
Organizational Behavior (OB)
The organizational behavior (OB) quiz will help you better understand organizational behavior through the lens of managers including workforce diversity.
Balance Sheet
The Fundamental Classified Balance Sheet. What to know to make it easy.
Operations Management
This quiz tests a student's knowledge about Operations Management