ECON-2006EG Study Guide - Quiz Guide: Job Security, International Financial Reporting Standards, Bookkeeping
15 Jun 2021
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Accounting: information system that records and measures business activities, processes data into information, and communicates them to decision maker who makes decisions that will impact business activities. Bookkeeping: one mechanical part of accounting, not the same as accounting. Financial accounting: provides information for decision makers outside the reporting entity, such as investors, creditors, government agencies, and the public. Management accounting: provides information for decision makers inside the reporting entity, such as managers. Range & detail of info focus on financial information. Frequently on an hourly, daily or weekly basis. Limited partners are not personally liable; one general partner with unlimited liability. Generally accepted accounting principles (gaap): own versions of accounting standards of major developed countries. International financial reporting standards (ifrss): single set of high quality, understandable and enforceable accounting standards for all nations to make international comparison of financial statements easier, issued by international accounting standards board (iasb)
