An accounting overview
1. Why is accounting called the language of business?
2. How is standardized accounting system achieved?
3. What are revenues and expenditure?
4. What do the balance sheet and income statement have in common? How are they different?
5. How might the information contained in financial statements be useful to managers? How might creditors use this information?
6. How are accountants classified in the
7. What kind of services do public accountants provide?
8. What is a CPA? Do you have a similar type of position in your country?
9. Which type of accounting-public, private, or governmental –appeals to you the most? Why?
10. What are some management decisions that might be based on accounting information?
Answer :
1. Accounting is called the language of business because of its ability to communicate financial information about an organization
2. In order to achieve a standardized accounting system, the accounting process follows accounting principles and rules
3. Revenues are incoming money and expenditures are outgoing money
4. The balance sheet and the income statement are two common financial statements. They are different, the first shows the financial position of a company at one point of the time while the second shows the financial performance of a company over a period of time
5. The information contained in financial statements might be useful to creditors. It help them to find out whether the company will be able to repair the creditor time or not
6. In the
7. Public accountants provide accounting services such as auditing and tax computation to companies and individuals
8. A CPA is Certified Public Accountant. Yes, we had. Formerly faculty of Economics of university got ‘Drs ………. Ak ‘ degree
9. Personal question
10. Some company financial decision makings might be based on accounting information for example the management want to expand its business : to build a bigger factories to introduce a variety of goods
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