- Shuffle
Toggle OnToggle Off
- Alphabetize
Toggle OnToggle Off
- Front First
Toggle OnToggle Off
- Both Sides
Toggle OnToggle Off
Front
How to study your flashcards.
Right/Left arrow keys: Navigate between flashcards.right arrow keyleft arrow key
Up/Down arrow keys: Flip the card between the front and back.down keyup key
H key: Show hint (3rd side).h key
PLAY BUTTON
PLAY BUTTON
3 Cards in this Set
- Front
- Back
- 3rd side (hint)
|
What is a business transaction and how does it relate to the accounting process? Give five examples of business transactions.
|
Business transactions are occurrences that affect the assets, liabilities and equity items in an entity and must be recorded.
1. Withdrawal of cash by the owner(s). 2. Payment of wages. 3. Payment of GST. 4. Purchasing of assets. 5. Fees revenue. |
|
|
Differentiate between financial and management accounting. Give an example of how management accounting reports would be included into financial accounting reports.
|
Financial statements include the entity's cash flows, balane sheet and income statement; statements are bound by regulation and are directed toward the common information needs of a wide range of users. Management accounting provides economic information customised for internal users these are informal documents that contain information that is reflected in the financial statements for external users.
|
|
|
What are the four key ethical responsibilities of business entitys and what do they involve?
|
Economic, legal, ethical and discretionary.
|
Economic responsibility: to povide goods at a fair price, pay creditors and seek a reasonable return for shareholders. Legal: uphold laws and regulations. Ethical: act in the way expected by society. Discretionary: responsibilities carried out voluntarily but can become legal over time as expectations change. |
