Accounting & Bookkeeping

This is the art of recording, classifying, summarizing in a significant manner and in terms of money, transactions and events, which are in part, at least, of financial character and interpreting the results thereof.

• Bookkeeping

• Accounting

• Accountancy

• Bookkeeper

This is the recording of business data in a prescribed manner and a mechanical task involving the collection of basic financial data.

• Bookkeeping

• Accounting

• Recording

• Summarizing

A person who is responsible for keeping all of records of a business.

• Accountant

• Secretary

• Bookkeeper

• Book keeper

This principle states that acquired assets should be recorded at their actual cost and not at what management thinks they are worth as at reporting date.

• Objectivity

• Materiality

• Historical Cost

• Entity concept

This principle requires that all relevant information that would affect the user’s understanding and assessment of the accounting entity be disclosed in the financial statements.

• Adequate Disclosure

• Objectivity

• Materiality

• Disclosure of accounts

This principle states that revenue is to be recognized in the accounting period when goods are delivered or services are rendered or performed.

• Materiality

• Expense recognition principle

• Revenue recognition principle

• Reveneu recognition principle

This accounting fundamental concept allows the users to obtain timely information to serve as a basis on making decisions about future activities.

• Periodicity concept

• Objectivity concept

• Entity concept

• Stable monetary unit concept

This is the most basic fundamental concept that says, the transactions of different entities should not be accounted for together.

• Business Concept

• Entity concept

• Periodicity concept

• Stable monetary unit concept

This is the set of guidelines and procedures that constitute acceptable accounting practice at a given time.

• Principles of Accounting

• Generally Accepted Accounting Principles

• General Accounting Principles

• Basic Fundamental Principle

He makes investment in the hope of making profit.

• Manager

• Customer

• Investor

• Owner