

Accounting Principles and Concepts
Flashcard
•
Business
•
10th Grade
•
Practice Problem
•
Hard
Joshua Purcell
FREE Resource
Student preview

29 questions
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1.
FLASHCARD QUESTION
Front
What is the purpose of Accounting?
Back
To provide business owners with financial information that assists in decision-making.
2.
FLASHCARD QUESTION
Front
Define ‘non-financial information’.
Back
Information that cannot be found in financial statements and is not expressed in dollars.
3.
FLASHCARD QUESTION
Front
Give two examples of non-financial information.
Back
1. Number of website hits
2. Number of customer complaints
4.
FLASHCARD QUESTION
Front
Why is non-financial information important to decision-making?
Back
It provides a complete picture of the firm’s circumstances when considered alongside financial information.
5.
FLASHCARD QUESTION
Front
Define ‘ethical considerations’ in business decision-making.
Back
Decisions influenced by social and environmental considerations, requiring integrity and objectivity.
6.
FLASHCARD QUESTION
Front
Why are ethical considerations important in business decision-making?
Back
Financial decisions have non-financial consequences affecting society and the environment.
7.
FLASHCARD QUESTION
Front
What is the difference between ‘financial data’ and ‘financial information’?
Back
Financial data are raw facts; financial information is sorted and summarized data.
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