Accounting - ANSWERSBookkeeping is typically done before accounting, the process of identifying,
measuring, and communicating economic decisions to permit informed judgments
Bookkeeping - ANSWERSA part of accounting that involves only the recording of economic events
Not guaranteed success in the accounting profession
The accounting cycle - ANSWERSthe process by which companies produce their financial statements for
a specific period
10 steps?
External vs internal transactions - ANSWERSExternal transactions are exchanges of goods and services.
Through the use of source documents (paper based or electronic)
Internal transactions are adjusting entires, closing entries, and reversing entries
General-purpose financial statements - ANSWERSIncome statement, Stockholders equity, balance sheet,
and statement of cash flows
Sequential coding - ANSWERSAssigns numbers to objects in chronological sequence, also a method of
internal controls
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