What is the definition of accounting?

What is the main benefit of accounting?

What are the TWO main elements an accountant does day to day?

What does the RECORDING element of accounting consist of?

What does the SUMMARISING element of accounting consist of?

What are the FIVE main areas of accounting?

What is financial accounting?

What are the FIVE main financial statements?

Who are the SIX main users of financial statements?

What are NFPs?

What is the GAAP?

What is the IASB?

What is the FRC?

What is the ASB?

What are the FRSs?

Name the FOUR biggest accountancy bodies in the UK

What are the TWO elements of financial statements?

Which STATEMENT is related to the financial position element and what does it consist of?

Which STATEMENT is related to the financial performance element and what does it consist of?

What is the statement of changes in equity?

What is an asset?

What are the TWO categories that accounting standards want us to separate assets into when presented?

What is a non-current asset?

What is a current asset?

How are non-current assets listed in the statement of financial position?

How are current assets listed in the statement of financial position?

What is a liability?

What are the TWO categories that accounting standards want us to separate liabilities into when presented?

What is a non-current liability?

What is a current liability?

What is equity?

What is income?

What are expenses?

What are the 6 steps we must take part in after a transaction?

How many ways does a transaction affect financial statements?

What is the accounting equation?

What are the THREE main facts about the accounting equation?

What is the extended accounting equation?