Accounting v. Bookkeeping
Accounting - Answer- The recording, measurement and interpretation of financial information
Bookkeeping - Answer- Typically limited to the routine, day-to-day recording of business transactions
Difference between accounting and bookkeeping - Answer- Bookkeeping is...
Accounting v. Bookkeeping
Accounting - Answer- The recording, measurement and interpretation of financial
information
Bookkeeping - Answer- Typically limited to the routine, day-to-day recording of
business transactions
Difference between accounting and bookkeeping - Answer- Bookkeeping is
responsible for obtaining and recording the information that accountants require to
analyze a firm's financial position
required credentials in public accounting - Answer- Work with a range of clients to
prepare financials documents that an individual or corporation is required to disclose
to the public
Responsible for checking the accuracy of corporate and personal records in order to
prepare tax filings
Public companies must follow the principles and rules set out in the IFRS
required credentials in private accounting - Answer- Deal with the financial
information of the specific company they work for - preparing or analyzing reports for
an internal manager
Private companies - must choose to follow either IFRS or ASPE
Assets - Answer- Firm's economic resources, or items of value that it owns
Liabilities - Answer- Debts that a firm owes to others
Owners equity - Answer- Equals assets minus liabilities and reflects historical values
IFRS - Answer- International Financial Reporting Standards
To make required reporting comparable across international jurisdictions
Creditors - Answer- A person or company to whom money is owed
Stakeholders - Answer- Groups that have a stake in the success and outcomes of a
business
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller Freshy. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $6.29. You're not tied to anything after your purchase.
