Flashcards

Introduction

Sophia Lynch BSNS115 - Accounting & Information Systems English 6 cards

Cards in this deck (6)

1What are the four main branches of accounting?1. Financial Accounting
2. Management Accounting
3. Auditing
4. Taxation
2What is the purpose of 'Financial Accounting'?To provide information for decision making but mainly for external stakeholders.
3What is the purpose of 'Management Accounting'?To provide information for decision making for internal stakeholders (managers etc prepared through a BUDGET)
4What is 'Auditing'?Is the process of making sure that the financial statements the business prepares reflect the true and fair view of economic transactions undertaken in an organisation.
5What is 'Taxation'?When accountants prepare information for taxation purposes.
Includes GST, Corporate Tax and adjustments of tax.
6What are the five branches of Information Systems?1. People
2. Hardware
3. Software
4. Data
5. Processes