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Accounting v. Bookkeeping questions well answered to pass
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Accounting v. Bookkeeping questions well answered to pass
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Accounting v. BookkeepingAccounting - correct answer ✔✔The recording, measurement and interpretation of financial information
Bookkeeping - correct answer ✔✔Typically limited to the routine, day-to-day recording of business
transactions
Difference between accounting and bookkeeping - correct 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 - correct 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 - correct 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 - correct answer ✔✔Firm's economic resources, or items of value that it owns
Liabilities - correct answer ✔✔Debts that a firm owes to others
Owners equity - correct answer ✔✔Equals assets minus liabilities and reflects historical values
IFRS - correct answer ✔✔International Financial Reporting Standards
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